My first potential deal: The numbers look good & feel bad. Help?

[Kerrick Long]

I've never done any real estate investing before, and I'm considering a BRRRR owner-occupied quadruplex. I've run the numbers and they look good, but I don't know that I've done them right. The acquisition price of the property seems really high in my gut, even though the numbers seem to work. Plus, the numbers I filled in for rent are way too uncertain for my comfort; I don't know how to estimate what post-renovation rent will be.

The Numbers:

Purchase Price: $85,000
Renovation Costs: $350,000 [Estimating high here due to structural damage]
After Repair Value: ?????? [No idea, shouldn't matter because I'm holding for cash flow]

HomeStyle Renovation Loan: 5% down ($21,750), 4% interest rate
Acquisition Costs: $4,000? [Guesstimating cost for detailed plans to close on a HomeStyle loan]
Loan Costs: $1,490?
Total Cash Investment: $27,240

Rent: $57,600/yr (4 * 1,200/mo) [VERY unsure about this number]
Vacancy Contingency: ($5,760)
Property Taxes: ($1,000/yr) [I can get a 10-year tax abatement to keep it this low]
Property Management: ($5,760/yr)
Repairs & Maintenance: ($2,880/yr)
Property Insurance: ($2,000/yr)? [Unsure about this number]
Water & Sewer: ($3,000/yr)?
Electric: $0 [Tenants will meter & pay themselves]
Landscaping: ($2,600/yr)
Total Annual Expenses: ($17,240)

NOI: $34,600/yr
Mortgage Payments: ($24,000/yr)
PMI: ($1,200/yr)
Cash Flow: $9,400/yr

CAP Rate: 7.9%

My questions for you:

1. Do my numbers seem good?
2. How do I get more confident about the rental income?
3. How do I get more confident about the purchase price? It seems really high in my gut, given the poor condition of the property.

Thanks in advance!