Analyzing my first fourplex

[Ahmad D.]

Hey all, I'm analyzing a fourplex deal and wanted your input. I understand the numbers don't look great, I just want to know if I'm being too conservative in my estimates (especially on the turncosts, capex, maintenance)

Note this analysis assumes a cash purchase.

Property Info	MyFourPlex
Occupancy	Occupied
Size	2000 sqft | 1 bd apt homes
Year built	1960's
Neighborhood	Class C
Sale Price (USD)	165,000.00
Closing Costs	1,200.00
Rehab + Repair	2,000.00
Total Capital	168,200.00
Rent
Monthly Rent (4 units)	1,935.00
Vacancy Rate	0.09
Annual Gross Rent	21,130.20
Annualized Expenses
Property Taxes	2,100.00
Property Management Fees (10%)	2,322.00
Leasing Fees	245.00
Property Insurance	2,200.00
HOA	0.00
Repair/Maintenence	1,400.00
Utilities (Lawn, Trash)	1,600.00
Annual Turncost (Property management fee + 1000/apartment)	5,935.00
Total Operating Expenses	15,802.00
Income
Net Operating Income	5,328.20
CapEx Reserves	1,600.00
Total Net Cash Flow	3,728.20
CapRate	3.23
Cash-on-Cash (post reserves)	2.22