Fair analysis or too conservative??? Newbie here

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I'm a newbie here and would greatly appreciate some feedback.

3 Unit Property

List Price 69,900

20% down (13980)

Loan 55,920 at 7% for 30yrs = 372/mo

INCOME

2125/mo (25,500/yrly)

EXPENSES

Taxes 3087yr (258/mo)

Ins 1200/yr (100/mo)

Landlord pd utilities 6264/yr (522/mo)

Water/Sewer 700/yr (59/mo)

Vacancy (10%) 2550/yr (212.5/mo)

Capex (20%) 5100/yr (425/mo)

MY FIGURES

NOI 6582

CASH FLOW 2118

CAP RATE 11.77%

C-O-C 15.2%

The whole property appears well maintained. The roof and windows look newer. The exterior was painted a few ago also.

Am I doing this correctly? Am I missing anything? Am I being too conservative with things? 

Thanks in advance for your feedback.