4-Plex Deal Analysis in IL

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Hey guys, I'm looking for a little help on a deal analysis for a 4-plex that I have my eye on. It looks good to me, but nothing gets by the Deal Analysis Forum.

Here are the details:

Asking Price: $230,000 (I ran my numbers on $220,000)
Units: (4) 2 bed / 1 bath, rent for $700 each
Built 1966
Tenants pay utilities

Income: $700 x 4 = $2800 / month or $33,600 / year
Expenses (per month):
Insurance: $66
Taxes: $346
Vacancy: $280 (10%)
Management: $280 (10%)
Misc repairs/Long term capital expenses: $428
^ I just took 50% gross rents and subtracted all other expenses

NOI: $1400/month = $16,800/year

Financing:
$220,000, 20% down = $44,000
Loan of $176,000 at 5% interest = $944 monthly payment
Cash flow of $1400 – 944 = $456 or $114 / door

OR (if I Owner Occupy)

FHA 3.5% down = $11,000
Loan of $209,000 at 3.5% = $1,012 monthly payment
NOI of $700 (since I will be occupying one unit) means cash flow of -$459 (assumed $147 of PMI added)

This property is in an ideal location - great neighborhood, proximity to schools, park, and community rec center. I'm trying to keep my excitement level low, but the location is perfect. Let me know what you guys think.