Help analyze my first MF! Please

[Diem Tran]

Today I looked at a 6 unit property.  I like it alot but who cares what I think or like, especially if I never purchased a mutlifamily property before.  I learned that the numbers matter the most.  Please give me your opinion. The following is what the RE agent gave me:

* 6 units total.  1 two bd, 4 one bd, and 1 studio.  Building size total is 2940 SF, although there are four different buildings on 21,000 sf lot.  Since there are four buildings on the lot and ample room, the RE agent suggested that new owner could add fences, thus the individual units or buildings would each have their own back yard.  It becomes an amenity and therefore rents could be raised a little bit.  

* built in 1953,  from what i can see from the outside, the roofs are pretty ratchet and needs major repair, if not complete replacement.  My guess new roofs would be 18K????

* property is in  zone, in my opinion.

* actual rent is $4300 per month, 51,600 annual.  Seller says a new owner could raise total rents by $150 per month.  

*expenses are the following per month

landscaping 100

water 100

mgmt fee 310

prop taxes 335

insurance 207

repairs 200

total is 1197 monthly, 14364 year

* NOI 37,236

* CAP rate at selling price of 420,000 is 8.87%

There is no electric bill and the property is on a septic tank.

The above numbers is supported  with management's monthly report to the owner.

If I'm to underwrite this, is the monthly repair amount too low in this case?  If so, what percentage should I use for a property built in 1953 and looks like there are some deferred maintenance.   Also I don't see a reserve for capital expenses. Should it be included in the expenses? 

Am I missing anything? or should I be aware of something not mentioned? 

Thank you in advance!!!!