New Rental Calculation

[Tom Burke]

Regarding a two-unit I'm looking to buy, hold and rent: What am I missing in my calculations?  Also, do my estimates seem to be appropriate?

Data: A potential offer: $95,000  --  Closing cost: $3,000  --  Initial Renovation: $5,000 (paint, carpeting; approx 2000 sf)  --  Estimated rent/month: 1,500 total both units  --  Loan amount/I.R./term: $75,000/5.5%/30 years  --  Monthly mortgage payment: $432.00  --  Annual taxes: $1,915 --  Annual insurance: $1,000  --  Annual repairs and maint.: $1,500 --  PM fee: 10%  --  Vacancy rate: 10%.  

I'm coming up with $400 monthly cash flow, a cap rate of 9.70%, up-front cash of $27,000, with a 17.91% Cash-on-cash ROI.

I know I don't specifically call out a percent for cap. expenditures, but in your opinion, can my estimate of annual repairs of $1,500 account for cap. ex. also?

What else am I missing here? Thoughts?