My first MFH (4 unit) in Houston I want to purchase - review #s? (in HOA)

[Steven Rogers]

Disclaimer: I'm new to real estate investing (this would be my first property) - but I've spent a lot of time reading and researching.

I have a 4 unit MFH under contract, which I'm considering purchasing, and wanted to get a second set of eyeballs to ensure I'm not overlooking anything. For anyone that knows Houston, the property is near Westheimer and BW8, just a bit west.

Purchase price: 150,000

4 units, all filled. Average rent $750/each, this:

Gross monthly income: $3,000

Property in reasonable condition, no repairs needed.

Property Taxes: ~$3500

Monthly expenses - ~$810 - this includes $700/month HOA

Cash flow, with a 30 year mortgage, is ~$1k, which gives a ~40% cash on cash return.

note: the $1k above doesnt account for the 50% rule. It'd be less with the 50% rule if HOA is accounted for.

How does the above sound? A few questions/feedback I'd love to get:

1. Anyone familiar with the area? I live in Houston, but not sure of the specific area

2. What can I expect closing costs to be? (I'm a newbie investor)

3. Anything I should consider?

4. How do people rate the deal?

Thanks