Am I missing something with these numbers?

[Alan Russell]

I am a very new member and have found a quadraplex that I may be interested in. This is a homepath +Renovation property

Tax Appraisal Value $165000

List Price $104,000

5% down required $4880

Unit next door (same design) apartments rent for $500 each

Mortgage Payment at 5.5% x 30 Years = 537.54

Property Taxes = 228.14 per month

Insurance $450.00 per month

5% for maintenance $100.00 per month

My calculations leave a monthly cash flow of $928.00

If I use the 50% rule (and I am calculating it correctly) I have a cash flow of $439.00

I am assuming that I can renovate this property for $10,000ish and it appears that there is currently tenants in at least 2 of the units (havent confirmed this yet).

guys this is kinda scary cause it appears to good to be true....