Evansville TriPlex: Deal or No Deal?

[Chad Acerboni]

Hi All, 

I have an off-market Tri-Plex I'm looking at in Evansville, 47711. Unfortunately, I do not know the area very well as I invest in the Boise and Athens markets. Looking to diversify a bit and have heard good things about Evansville. 

Ask: Based on these numbers below and the area of 47711, is this a go or no-go deal? (Note: Putting down 25% + Fannie/Freddie.)

Price: $220K

Property type: Triplex

Units: (3) 1 x 1 

Lot size: >8K SqFt 

Income: 

Expected gross rents for 3 units: $2050 ($683/unit) 

Expenses: 

Property Tax: $166/month (Conservative) 

Insurance: $79/month 

Management (8%) / Vacancy (5%) / Maintenance (10%): $471/month

Utilities: Billed to tenants

Returns: 

NOI: $1332

Cash Flow: $246 

COC: 4.88%

Rip this apart and would love feedback. 

Thanks, 

Chad