Good?/Not Good Deal?

[Account Closed]

Greetings fellow BPers,

Wondering if I could get some insight on analysis of a potential of being my first investment property? 

4plex

List $89,900 (Following figures are based of purchase price of $82,500 cash deal)

Income $2540

Vacancy reserves 20% (that's what most banks around here use)

Capex 10%

maintenance 5%

No PM expense/reserve as I would manage myself.

Taxes $4000/yr 

Insurance $100/mo

Flood Insurance $100/mo (on the very edge of flood zone)

Garbage $100/mo

Heat allowance of $300/mo (the remainder of the bill divided equally between the 4 units until I can separate heating by units)

Water $135/mo

Cash Flow $582/mo

I don't plan to touch any income until I find another property and then would probably refi cash out for down payment on the next property.

Any insight would great. 

Thanks in advance.