Triplex, Possible First

[Van Doan]

FHA 203k O/O in a C+ revitalizing neighborhood. C property. Comps are going for 200k or more.

Price: 150,000

Repairs: ~20,000 rolled into the loan

Down: 3.5% 6000

Premium: 795/mo

Insurance: 33/mo

PMI: 175/mo

100 years old

GMI: 1900

Annual Taxes: 2200

Maintenance: 10% 188/mo

PM: 10% 188/mo

CAPEX: 10% 188/mo

Legal/Accounting: $50/mo

Vacancy: 5% 95/mo

Gas/Water/Elec: To be submetered

Sewage/Trash: 50(?)/mo

Cap rate: 6%

Cash on Cash: ?

50% rule: 147/mo

Is the price in the area just too high or am I just overestimating expenses? I've been looking for 4 months and this is the only thing I've seen that's even remotely hitting the 1% rule. It seems like going with the stock market is the wiser choice here, but this property seems undervalued compared to comps.