Does this pass the initial glance test?

[Michael S.]

Just starting to look at some Metro Detroit, Michigan properties and want to make sure that I have enough of the bits and pieces accounted for in my calculations.

Would the property below pass your initial glance test and start the next phase of collecting more due diligence and asking questions?

3 Unit Multi-Family, Currently Fully Occupied, Up to Code. All Separate Electric, Gas, and Water. (2) Two Bedroom Units and (1) One Bedroom Unit.  Not located in Detroit but what I would call the first ring of suburbs.

Asking $89,000

Stated monthly rent $1,550

Estimated Monthly Costs

$170 taxes

$55 Insurance

$230 Vacancy/Repairs/CapEx

$155 Prop. Manager

$430 Est. Mortgage Pmt

Estimated Upfront Costs

$4,500 Closing

$4,500 Initial repairs/refresh

Projected Cash Flow: $490