New Jersey Deal analysis

[Bronson Simmons]

I might relocate to New Jersey, so I would appreciate your help if you know the NJ/NY market:

 65 N 1st St, Paterson, NJ 07522 - Duplex - 3BR, 1Ba (each) - ask price 325k

rentometers' ave. rent is 1832/side= $3664

For a FHA loan with 4% down the payment is $2369 (includes insurance, mortgage insurance, and prop. tax) 

after setting aside 20% for repairs & Cap ex ($732), flood insurance ($80) and assuming self management, that leaves 299/mo. cash flow. Metrics: 18.4% COC return, 7.9% Cap.

Have I forgotten anything? I've heard the NY/NJ market is hard, so this seems too good to be true!