First property skeptisism

[Robert Kough]

Hey everyone,

I am a brand new investor! I have done months of research and analysis on properties in the Saint Roberts, Missouri area (65584) and have found myself continuously landing on the same property.  The property is a 4 plex near the military post in the area.  Using the criteria of buying at 80% of the asking price ($159000) and using relatively conservative numbers when calculating my expenses I am looking at close to 400 dollars per month cash flow. I used the standard 5% vacancy, 5% repairs, 10% capex, and 10% management.  Now I can tweak these numbers and wind up with a couple hundred more in cash flow by managing the property myself and working the sewer and water into the tenants rent.  With all that being said the property has been listed for over a year now.  This is what worries me.  If this is a good deal then how did a rookie investor such as myself realize this before anyone else.  Or am I missing something.  Any help would be appreciated.