Nervous about 8 units for first deal. Does it make sense?

[Sean Morrison]

In a failed attempt to buy a smaller 4-unit multi-family property, I stumbled across an 8 unit deal in Pensacola. This was going to be my first deal, so I'm not really familiar with the larger multi-family dynamics and wanted to see if this deal made sense. Each unit is 2bd 2bath going for $600. Here's what my monthly estimates look like:

Insurance (includes flood) - $450

Maintenance and capex - $530

Mgmt - $480

Vacancy - $480

Water and lawn - $415

Taxes - $350

Mortgage - $1730

Total expenses - $4435

Income - $4800

Cash flow = $365

Does this make sense? I know CapeRate is supposed to be in there too, but haven't figured that out yet.