Help analyze this deal! Duplex in NY

[Aaron K.]

Would love some opinions on this one.  

2-family built in 1920's, plumbing/heating updated last 5 years, electric updated last 15-20 years.  Everything else recently re-finished (floors, paint, drywall, etc).  Preliminary walk-through reveals above average condition with limited or no deferred maintenance (full inspection to be done before closing).

Purchase price: $125,000 (assumed, still need to negotiate.  Will be cash purchase.

Total rent roll:  $2400/month
Total operating expenses below = $1179/month

MONTHLY OPERATING EXPENSES:
Vacancy (8%): $192
CapEx (5%): $120
Water: $75
Garbage: $75
Management (8%): $192
Repairs (5%): $120
Electricity: $100
Sewage: $75
Insurance: $100
Property Taxes: $130

ROI: 11.23%, or $1073/month

It follows the 50% rule.  
It almost follows the 2% rule - rent is 1.92% of the purchase price.  If the rent was a bit cheaper at 2200, it would be 1.76%. 

If I cash-out finance in 12 months and get $87,500 back at 4.5% for 20 years, that still leaves me with 500/month cashflow plus the potential on that loan amount in the next property (assuming a bank lets me refinance).

Looks like a good buy to me, but I could use some other eyes on it in case I'm missing something obvious.