4-plex down the street.

[Dru Steeby]

Just wanted to do a sanity check on my numbers here. There is a 4-plex down the street from the duplex I live in right now. Here are the numbers:

Expenses
Vacancy (5%)	-$105.00
Cap Ex (8%)	-$168.00
Water (Based on living in the area)	-$50.00
Management (Will self manage, but still included)	-$168.00
Property Taxes (estimated from 2015)	-$250.00
Repairs (8%)	-$168.00
Electricity (Based on living in the area)	-$200.00
Insurance (Overestimated based on first duplex)	-$150.00
Principal and Interest (4% on 114k)	-$544.25
Total	-$1,803.25

Income (Based on area)
Unit #1: 2 bed 1 bath	$800
Unit #2: 2 bed 1 bath	$550.00
Unit #3: 1 bed 1 bath	$450.00
Unit #4: 1 bed 1 bath	$450.00
Garage (2 spaces)	$100.00
Total	$2,400.00

My plan is to offer a low-ball cash amount and then refinance after some repairs are done. ARV is anywhere from 170k to 190k. I think this is a no-brainer, but I wanted to get a second opinion.

Thanks!