Help Analyze My Deal

[Jeff Tracy]

I'm about to sign a contract on a 4 family in upstate NY. The price is $170K and I'm using an FHA 203K with 3.5% down. Here is the math:

Rents	$37,200.00
Mortgage	$11,748.00
Vacancy	$3,720.00
Insurance	$1,500.00
Maintenance	$2,976.00
Taxes	$8,000.00
Management	$3,720.00
Capex	$3,720.00
Total Expenses	$35,384.00
Income - Expenses	$1,816.00
Monthly Cash Flow	$151.33

Am I missing anything?  Other than the fact that the monthly cash flow isn't that great?  The current rents are under market by about $75-$100.  I think I can clean up the place and bring up the rents to market level which should bring up the cash flow.

Here's where I need a little more advice. The place needs about $20K in repairs and deferred maintenance. I have almost enough cash ( I might have another month or 2 of saving to get it all) to up the down payment to 20% and pay for the repairs out of pocket. I think I can save a little on the repairs so I would need about $50k to close and do the repairs if I go the traditional route vs $13k out of pocket to go the 203K route. The net effect by going the traditional route would be to save about $350 per month on the mortgage and PMI.

Is it better to have the increased cash flow or save my current cash for the next deal?