Potential deal on a fourplex

[Michael Digman]

I'm in talks on a fourplex and I wanted to see what everyone thought of the numbers at this point and possibly any advice on what I can do to make the numbers betters.

The owner has a bank that will finance 85% for 5.5% 30 years.  He will then give a 2nd on 10% at 9.5% for 5 years.  I would then put 5% down.  The asking price is 310,000.  

The numbers:

1st 85% $263,500 5.5% 30 years $1496

2nd 10% $31,000 9.5% 5 years $651

Down 5% $15,500

Rental Income $2900

1st $1496

2nd $651

Taxes & Ins $325

Net Cash Flow per month $428

I like the deal because I'd only have to put 5% down, but I don't think there is enough cash flow to offset vacancy and maintenance.  Not to mention if I need someone to manage it for me down the road.  On the other hand if I can hang in for 5 years I've got a pretty solid cashflow I think.  I'd normally try to cash flow 200 on rental house...is it good math to try to assume that I'd want to do the same on a multi family? So 800 on this fourplex? What can I counter with to make this deal look better for me?  Thanks!