Analyze Deal on New Construction

[David V.]

1 year old Class A- 4plex property, gated neighborhood in South Texas 

Price 345k, 5% down portfolio loan, 4.5%

Income: 3400 monthly

Monthly Expenses: Mortgage Payment $1660, Taxes: $708, HOA $42, Insurance $150, Vacancy- 6-8% ($204-272), Grass Maintenance- $50, Utilities: $100 (landlord pays common areas, trash)

Annual Maintenance Expenses: estimating $500-1000 first few years since it is new, but please input?

I think Vacancy likely should be 6% or less.

Cash flow is about $400 a month after the first year when it would be a house hack the first year, equity would be about 5k yearly. I would like to add a couple of payments yearly to principal if cash flowing well. 

Its only a 7% cap rate if the numbers are accurate. I would like higher but the taxes and the 4.5% interest are factors. FHA would be an option but after the fees and PMI the payment is a few dollars higher. What do BP users think?