Second Opinion on First Deal?

[J Hurwitz]

Hi all, newbie here.  I currently own zero property and am looking to begin buying and holding multi-family properties.  I identified a property that seems like a strong investment opportunity and am hoping that the good people here could provide some second opinions.  Any thoughts, feedback, or advice would be greatly appreciated!

The property is a fully rented 3-family listed for $245k, currently grossing $32,400 per year.  I calculated the year one cash on cash return using the following assumptions:

• 10% vacancy rate -> Annual gross rent of $29,160
• 30-year mortgage at 4% with 25% down -> Annual mortgage of $10,527
• Assessed value increases to $245k -> Annual property tax of $4,533
• 1% of the purchase price per year in maintenance -> Annual expense of $2,450
• Insurance costs of $2,200 (per listing)
• Utilities of $1,500 (per listing)
• 10% of gross rents to a property manager

If I did my math right, those assumptions produce an annual cash flow of roughly $5k, which represents an ~8% return on a $61k down payment.  Obviously, there'd be much more due diligence to conduct if I went forward with purchasing this property.  However, this is the type of analysis I'd like to use to screen investment opportunities at a high level.  Does this seem like a reasonable approach?  Do you agree this property could be a good investment candidate?