Potential First Deal Analysis NERVOUS!!!

[Brittney Lynn]

Ok Guys - here it is, be honest. Im a little nervous becuase I think I found a good deal but at the same time I think it is too good to be true and I'm leaving something out.

Triplex House is listed at $640k (similar comps in the area have been selling for $550k or less so I might be able to get this down a good amount with my agent's help)

I am assuming a 30yr fixed at 5% with a 20% downpayment which brings Principal& Interest to $2748

Market rents are: 3bd-1800 2bd-1500 1bd-1100. This house one 3bd, one 2bd and one 1bd, so I can assume a market rent of $4400. (These numbers take into account the rents I would receive after bringing any inherited tenants up to market rent)

Taxes are $441

Insurance is $210

CapEx is calculated at 7% of monthly rents (is that a good number to use?) at $308

Vacancy (NYC) is 3% of gross monthly rents at $132

Maintenance is 3% gross monthly rents at $132

PITI comes to: $3397

Monthly Expenses added up equal $572

Total monthly expenses come to $3969.

If i take the monthly gross rents at $4400 - $3969 total monthly expenses, I am getting $431 in monthly cash flow.

Ill be honest, I am little concerned that I am leaving something out or not calculating something correctly. Can you guys take a look and let me know?