can u help me analyze this 4 unit place in small town?

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i would like some advice on how to analyze this property...i am very new to real estate investing....

a friend of mine said this is NOT a good buy simply because my money could be placed in a money market (over 5% interest) while this property's cap is ONLY 3%....

other than that, can u help me analyze WHY this is a good purchase or NOT based on the numbers? i know there are a lot of factors one needs to look into but FIRST i would like some tips on HOW TO ANALYZE based on the NUMBERS first.

Primary Type: Multifamily
Garden/Low-Rise
No. Units: 4
Building Size: 3,150 SF
Lot Size: 8,019 SF
Occupancy: 100.00%
Price: $799,000
Price/Unit: $199,750.00
Cap Rate: 3.38%
Year Built: 1971
Date Last Verified: 6/8/2007

Scheduled Gross Income: $43,860
Vacancy: $1,316
Income Item: $195
Effective Gross Income: $42,739
Maintenance: $3,921
Taxes: $8,496
Insurance: $1,000
Utilities: $2,402
Total Expenses: $15,819
Net Operating Income: $27,006
Expenses/Unit: $3,955.00

thank you
GoldMin3