Help Analyzing NJ Multifamily Deal

[Spencer Brennon]

So I've been looking into a multifamily deal in north New Jersey, where it can be hard to find anything worthwhile that doesn't require a host of renovations. But I've found a nearly-turn-key 3-family (with optionality to create a fourth unit in the basement after slight renovations to bring it up to code) that seems too good to be true. While I've lived here for a while, I haven't invested in the area because deals are so hard to find and I don't like how high property taxes are.

So I'd like your help in figuring out what expenses I'm missing here. I'd be househacking since this is nicer than where I'm living, so the biggest unit would have no vacancy expense. Other than that, I can't explain why the cash flow is so high and I just think I'm doing something wrong here. 

Unit 1: 3 bd/2ba with basement, rent 2200

Unit 2: 1 bd/1ba, rent 1500

Unit 3: 1 bd/1ba, rent 1200

Total Rent: 5100

Mortgage: 2250

Property Tax: 1100

Insurance: 175

Vacancy: 200

Repairs/Maintenance: 475

CapEx: 490

Total "Cash Flow": 418