Any flaws with this deal?!

[Flavio Zanetti]

A friend investor is unable to get financing for this property and he mentioned it to me, details as follows: 

Purchase Price: 405K (50 days in the market - current owner is retiring)

4 Units - 3 bedrooms each

All units rented @ 1023.00 (including heat) - $ 49,104

Assessment: $ 63,400.Land + $ 256,400. Building = $ 319,800

Expenses in 2014: 

Cleaning $ 911.35

Insurance $ 1,316.00

Taxes $ 6,226.00

Trash Removal $ 125.00

Property Maintenance $ 5,127.50

Contractor Services $ 1,200.00

Exterminators $ 1,255.00

Plumber $ 752.00

TOTAL $ 16,912.85 (Oil is not included and this property is in New England)

NOI - 49,104 - 16,912.85 = $ 32,191.50 (not accounting heating oil)

P.S. Property is close to a university and hypothetically tenants should not be difficult to come by...

Interested to hear your thoughts, opinions, suggestions, etc.