Critique my Potential Purchase Lexington, Kentucky

[Michael Kay]

Hi! I'm looking at my first purchase and I think I'd love feedback on the numbers I found

12 unit apartment building in Brucetown area

Purchase: 380,000, 20% down
Expenses, Annual:

  Property Tax: 1400
  Insurance: ~3000
  Maintenance: 2000

  Mortgage Pay: 19, 231
  Vacancy: 3000 (5%)

  Property mangement: 6000
  Misc Cost: 200

Annual Income: 57000
  Cash Flow: 25,000

NOI: 44,000

I'm really thinking that this may be the one I want to make my first purchase but I'm hesitant because it seems too good to be true. The cap rate seems kinda high. Also, some minor rehab appears to be needed for a few of the units. The area seems kinda like a C neighborhood If I do make an offer, I'm going to offer much lower because of these reasons.