Am I greedy?

[Jeff G.]

I am looking at an opportunity:

Single Family, Ask price $44,900 (projected purchase price of $40,000)

Taxes, $1,400

Rent $867/month (rented with long term tenant)

Assumptions:

5% vacancy

10% maintenance

5% reserve

Oh this would also be 100% financed long term with a private mortgage at 4.5%

My analyzing spread sheet conservatively shows a cash flow of $4,100/year or $344/month.

I really am not sure I want to putt the trigger on this one....

My first deal (duplex) is projected to cash flow at almost 6K/year and I really didn't want to look at anything under 5k.

I am new to this, but am I crazy?  I think if I wait it out I can find a better deal....