How to really recognize a good deal, and trust it?

[Jean-Claude Governale]

Hello everyone, and first let me thank those of you who took the time to read and reply to this post.

I am new to investing and I have been lurking on this forum since April I think? I have been reading posts, articles and listening to pod casts, also while trying to analyze possible investments. Back in April I committed myself to try to analyze 100 deals in 30 days, while I didn't get to 100 I did get quite a bit done. The months passed and I was and still am in analysis paralysis, I realize I am stuck due to fear of getting in over my head, fear of not knowing something, as well as financial fear..

But anyway, the deals I analyzed months ago I went back and looked at one yesterday and what I thought was a good deal then sold for less then what I analyzed it at and that sparked this post.

I feel like I am missing information when looking at a deal, so I was wondering what else I should look at, I know that as a deal becomes more and more attractive, there is probably more you need to look into, for sake of not being too general, ill list this one deal I am referring to:

Deal:

4 Plex

List Price was 230k

4 units rented for 825.0/month

Gross Rent 3,300.00 per month

What I was looking at as expenses:

Mortgage - I was considering house hacking, FHA loan with 3% down and 4.5% interest rate- 1302.00/ month

Landscaping- 80.00 per month

Water/sewer/ Utils- Not sure, in Fl most rentals handle their own Utils

Taxes- estimate of 312.00/month

Insurance-estimate of 100.00 per month

Vacancy/Repairs/CapEx- 16% of Rent- 528.00 per month

Not sure what else I am missing. But based on these numbers alone, again, which aren't exact and I'm sure would be higher. But based on these numbers alone, I show this property would cash flow at 787.00 per month.

Here is what really got me, when I checked on this property yesterday, I saw that it sold for 185k

So all my numbers are now:

4 units rented for 825.0/month

Gross Rent 3,300.00 per month

What I was looking at as expenses:

Mortgage - I was considering house hacking, FHA loan with 3% down and 4.5% interest rate- 900.00/ month

Landscaping- 100.00 per month (I even bumped this up to 100/month)

Water/sewer/ Utils- Not sure, in Fl most rentals handle their own Utils

Taxes- estimate of 1.25% of purchase price is 2313/yr or 192.00/month

Insurance-estimate of 100.00 per month

Vacancy/Repairs/CapEx- 16% of Rent- 528.00 per month

With these new numbers, I show the property cash flowing at roughly 1297.00 per month.

And if I did the cap rate correctly, it was 11% and now shows 14%...

My questions are:

What am I missing?

Am I off to a good start in first analyzing deals, what more do I need to look at if I want to seriously consider a property?

Could the Difference in price, 45k less than initial listing be due to something wrong found with the property? Or how did someone really get the property for 45k less than what it was listed at??

I know I am very new to this so I am just looking for some guidance in what things I also need to consider in looking at properties, costs, expenses etc.

Again, thank you for taking the time to read this, and I appreciate all feedback.

JC