Under contract for a 3 unit buy and hold rental property

[Leo Plaza]

Purchase Price: 440k

Down Payment (25%): 110k

Rehab budget: 70k

Gross Monthly Rents after rehab: $4,250

Net Monthly Rents after mortgage & expenses: $1,015

Cap Rate: 7.6%

Cash on Cash Return: 6.76%

Property was built in 1929 and is in Chicago (Irving Park). Walking distance to multiple train lines and nice restaurants.

Question: Should I lessen the rehab budget to ~35k, lessen rents by $500-700 bucks and spread out rest of rehab over 2-3 years?