Long Island Rental Property : Buy or Pass??

[Robert B.]

Searching for deals on Long Island is tough given high prices and high taxes. Here's a decent SFH in well-kept working class neighborhood, nice street, near plenty of commerce and transportation. This deal cash flows nicely, but only 4.4% cap rate. $500k pur price plus $25k of improvements needed. The costs are fully loaded including banking $3k for maint annually. I only assumed 2% for MGT as I'll do majority. Will finance traditionally with 30% down. ARV likely $575k. So overall - low cap rate, decent cash flow, 1% rule not met, Max PP 70% rule not met, but good location. Comments appreciated. Buy or Pass?