Calculating expenses/Cash Flow, what am I missing?

[Jake Davis]

I’ve been learning how to quickly evaluate real estate investment properties and determine potential deals. I wanted to provide a sample property that I have evaluated and was wondering if there was any insight as to what I’m missing? Is there anything I can improve on in terms of accounting for costs? 

The details:

List: $150,000

Down Payment: $30,000/ 20%
Closing Costs: $4,500/3% 

Initial Investment: $34,500

No of Units: 2 (Both Currently Occupied)

Annual Rent: $20,100

Expenses
Property Taxes: $447.58 mo/ $5,371 year
Homeowners Ins: $59 mo/ $708 year

CapEx: $168/10%
Vacancy: $168/10%
Total: $842.58

Net: $1,675 mo 

Total Cost (Mortgage plus Op Ex) $1,477.58

Cash Flow: $197.42mo/ $2,369.04 Year

CoCRoi: $2,369.04/$34,000= 7% 

That’s what I have for evaluating a property with what I know. Is there any other factors you would put into play that I might be missing? The Return rate is low so already I think it’s not a great deal. What other expenses should I factor in, what else should I factor in?