Can somebody check my numbers?

[Daniel Karbownik]

I'm in attorney review on my first rental (SFR), as a no-money down deal! (I have a private investor willing to finance me on 100% of the purchase price) Very exciting. I have been on BP for a while now and I've run numbers on a ton of deals and have a pretty decent understanding. I thought I would get a reality check on my deal here since it's actually happening now. Please let me know if these numbers make sense as a good deal:

Purchase Price:  $155k

Expenses:

• Taxes:  3,439
• Insurance:  900
• Maintenance:  1,200
• Vacancy:  1,038
• Total Yearly Expenses:  $6,577
• Total Monthly:  $548

Financing:

• $155k, 30 yrs, 5% = $832/month

Expenses + Debt = $1,380/month

Income:  Property comes with tenants paying $1,500/month

CashFlow:  $120/month

NOI (without debt): 18,000 - 6,577 = $11,423

Cap Rate:  11,423/155,000 = 7.37%  In this particular town, 7+% is very hard to come by

I also believe the current rent is below market, and has potential to raise to 1550 or more.  I also have more than enough reserves to comfortably stash 8 months of expenses aside in the event of vacancies.

Since my investor is an older gentleman and looking to secure himself some passive income for a while, part of our private mortgage deal was that I can't refinance before 10 years, but also that I must refinance before 15 years.  I also do not have to personally guarantee the loan - this was OK with him since he is also a real estate investor himself and doesn't have a problem with foreclosing the asset in the event of a default (another rental for him).  

How did I do BP?