First potential Multi-family

[Chad Deberry]

Found what I think to be a descent deal on a 4plex

It's listed for $125k with a gross income of $22,800 fully occupied. There's currently 3 out of 4 units leased. The building looks to be in pretty good shape with some recent renovations and cosmetic work. 

Expenses according to the listing: 

Annual Taxes: ~$1134

Estimated Insurance: ~$1411

Estimated utilities/lawn/vacancy: ~$1704

Estimated Property Management: ~$1824

According to the analysis from the listing we're looking at a net of $16,727 and a 13% cap. With my own analysis accounting for 40% expenses off the gross income i'm still looking at a ~11% cap. 

I normally would manage the property on my own but it's 3 hours away from me. 

I've never bought a mulit family property so if i'm missing anything please let me know!