Am I over estimating expenses?

[Jeff Tracy]

I'm about to jump into my first real property and I want to know if I am overestimating expenses.  It's a 3 family for $70K and rents are generating $2100 per month.  The property needs about $20K worth of work.  I have all the current owners expenses (tenants pay their own electric), so I know those are accurate.  But, am I overestimating on the accrued expenses like vacancy, maintenance, ect?

Actual Expenses
Water	$75.00
Trash	$60.00
Heat/Gas	$361.00
Sewer	$60.00
Insurance	$150.00
Snow/Lawn	$100.00
Taxes	$200.00
Estimated Expenses
Vacancy	$210.00
Management	$200.00
Maint	$210.00
CapEx	$210.00
Total Expenses	$1,836.00
Rents	$2,100.00
Monthly Cash	$264.00
Yearly	$3,168.00

You may have noticed that there is no figure for financing or mortgage expenses. The down payment and rehab money would come out of pocket (about $27K) and the owner will carry the mortgage for a few years which would allow me the time to fix up the place a bit and refinance into a conventional 30 year. The ARV woudl be $130K. I would estimate the mortgage expense to be about $300 per month on a $65K-ish mortgage. If I'm correct on the accrued expenses, it's not really a deal worth doing so I need a little BP community help.

Thanks,

Jeff