Too good to be true or gold mine?

[Andrew Michaud]

I have been doing a lot of research on what are key numbers to value an income property and determine whether its worthwhile. I have posted recently about this property I am in the process of purchasing and compared to the numbers I see floating around on other posts, I feel this property is either too good to be true on returns, I am running the numbers wrong, or this property is a gold mine.

Purchase Price $145,000

Down Payment (20%) $29,000

Mortgage (15yr/4.75%) $10,824

Rents (6 units)

Unit 1 - 4 = $675/mo

Unit 5 - $650/mo

Unit 6 - $600/mo

Total Monthly Income = $3950

Total Yearly Income = $47,400

Expenses (Annually)

Taxes - $2570

Insurance - $1200

Heat - $3200

Electricity - $2600

Trash - $600

Water/Sewer - $1200

Propane - $300

Snow - $800

Lawn - $800

Vacancy - $3000

Repairs - $3000

Management - Zero as I will be managing

Mortgage - $10,824

Total Expenses = $30,094

Income $47,400 - Expenses $30,094 = $17,306

CAP RATE after all expenses/debt services - 17,306 ÷ 145,000 = 11.9%

CoC Return - 17,306 ÷ 29,000 = 59.6%

Some may argue vacancies and repairs are low, but in my case, based on what I know and see with this property, I am confident in these numbers. The building is in great shape. Roof is 8 years old, all electrical has been updated, pellet boiler is 8 years old, vinyl siding, units are all in good shape. There is also a low vacancy record on this property as well as a waiting list (no section 8 in property, but its section 8 approved). Even considering being extra conservative and increasing vacancy and repair to $5000/ea, I feel this is still a strong return. What do you guys think? Am I under estimating or did I find a good deal?