1031 Exchange: Feedback Requested

[Gaemer Gutierrez]

Excited that this is my first post....I have 3 properties in the Providence, RI area. I am doing a 1031 exchange using my apartment in New York City. I plan to invest back in the Providence area. I have to replace $1.3 million. As you all are aware, prices are high and inventory is tight. Our plan is to put 50% down on 3 - 3Family homes. I am finding even with 50% down payment, I am only seeing total $500-$700 cash flow per month. 4%-7% Cap and 3%-5% COC. Not the best but I want to avoid the taxes. I want to stay in my area. How would you approach this strategy? Is my strategy workable? Is there something I am not thinking of?