Analyze this deal: Verify my math

[John Sherwood]

Hi everyone,

I'd love to check my math. Would you do this deal? It (almost) meets the 1%, but my math says 3.8% cash on cash. Am I analyzing it correctly? Even if I tweak the purchase price to 1% (320K), still only 4.8% cash on cash.

Details:

4 Plex (2bds), B Neighborhood 

List: $335k - 25% down ($84k) @ 3.5%, Closing: $10k 

3 of 4 units updated, estimated CapEx = $12k

Total Cash Invested: -$106k ($84k+$10k+12k)

Rents: +$3,231/mo ($785, $785, $827, $834)

Taxes: (0.93%) -$260/mo

Insurance: (0.68%) - $190/mo

Landlord pays Water/Sewer/Trash = -$250/mo

Vacancy (10%), Repairs (10%), Capex (6%), Property Mgt (7%) = -$1066

Morrgage: -$1,128

Market rate is ~$850 - max rent in a year = $3400/mo (maybe get the 1 update unit to that this year)

I come up with CashFlow of $337/mo ($84/door) $4,045 annual 

Cash on Cash of 3.82%.

NOI: $17,5k