What am I overlooking!!? 4-plex deal

[Jared Smith]

Looking at a 4 plex listed for $225,000

Rent on each unit is $700 is gross rent is $2800

I’m gonna factor in $15000 for repairs and a couple updates that may be needed.

Tax on the property is $3830

Going to be using a property management co. At 10%

Putting 25% down. And I’m paying water and garbage.

10% maintained

9% capEx

1 month vacancy = 1 month of gross income.

I feel like it’s a good deal but my numbers say otherwise. What am I over looking?

Thanks to all!!

[Jay Levy]

Don't forget to include insurance costs.  

My model has this with about an a $600 a month in net income with a 30 year 5% mortgage at 75% and the rehab factored in the mortgage with a cap rate around 8%