Multifamily in Richmond, CA

[Kimber Lockhart]

I'm a fairly new investor looking at multifamily in or near Richmond, CA.  

I find a number of properties like this one: https://www.redfin.com/CA/Richmond/4519-Taft-Ave-9...

It's listed at $783K.  Three units vacant.  That's $2500, $2000 and $1500 market rents.  = $6000.  With 25% down, mortgage is $2750.  

That seems to pass a sniff test for cashflow.  It's not that easy -- what am I missing?