QUADPLEX - For a first buy?

[Ryan Moran]

Hey guys!  I'm looking forward to your opinions on this one.  This is one of my first few analyses, so go ahead and be honest with me!  The more advice/opinions the better.

Property is a 2,300 sqft quadplex located in Columbus, MS.  Each unit is currently occupied, under lease, and with property management.  Roof is only 3 years old and all new HVAC was put in last year. Shouldn't need any repairs.  Here are the numbers:

Asking price: $138,900

Estimated closing costs: $1300 (got that from two different banks)

Monthly rent: $450 x 4 = $1800/mo

Principle and Interest: $524.12 (30 yr at 3.9% already approved)

Taxes: $107.09/mo

Vacancy: 7%

CapEx: 5%

Repairs/Maintenance: 5%

Property Management: 10%

Monthly cash flow: $682.79 . . . or if you use the 50% rule: $375.88

I tried to stay conservative where I could.  According to a local investor this one will probably go for somewhere around $125,000.  What do you think?  Missing anything? If you were after this property what would you make an offer for?