Help with 5-plex analysis

[Jeff Cooper]

I'm looking at a 5 unit, which would be my first MF, and wondering if you would share any thoughts on this.  Have bought, fixed, and held single families with good success, but currently without any investment properties.

gross rent ~ 49k

NOI is about 19.4k, which includes 10% mgmt fee, 10% vacancy and 10% maintenance/capex.

Condition of units very good, built in 1980.  I would plan to finance but haven't priced any commercial loans.  An option would be to pay cash and then finance after.

Assuming PP of 320k, with 80% loan at 5%, cash flow is negative.  Finance 200k, and cash on cash looking low.

Would really appreciate any thoughts and advice to help analyze if this is 'in the zone' or now.

thanks