First Deal Analysis - 35% CoC Return?!?!? Where did I go wrong?

[Chris Ganz]

First time posting so please forgive me if this is in the wrong place.

I have been analyzing some deals and wanted to have some of the more experienced folks look over my numbers to confirm my analysis. There is an 8-Unit Property listed for $295,000 in the Houston Area. In the listing the seller claims 71,880/year in gross rent and that it is currently leased out.

Rent Fee:	$5,990.00
Principle & Interest:	$1,127.00
Monthly Taxes:	$658.00
Monthly Insurance:	$344.00
Maintenance:	$958.40	~16% Gross Rent
Vacancy:	$479.20	= ~8% of Rent
Property Managment:	$0.00
Capital Expense	$299.50	= ~5% Gross Rent
Utilities:	$0.00
Exterior Care	$100.00	Lawn Care

Total Monthly Cash Flow:

$2,023.90

Estimated Annual Cash Flow	$24,286.80
Loan Amount	$295,000.00
Down Payment	$59,000.00
Closing Cost (3% of Loan)	$7,080.00
Seller Concessions	$0.00
Repair Costs	$1,350.00
Utility & Other Costs during Vacancy	$800.00

Total Cash Invested:

$68,230.00

Cash on Cash Return:

35.60%

With a CoC Return so high I am skeptical about my numbers. This investment seems like a no-brainier. Please let me know if you see any errors in my analysis.