My first potential investment New Jersey - how would you rate it?

[Marcin G.]

I am looking into purchasing my first investment and I would appreciate your input before I will pull the trigger. 

A little info on my background which I think is very relevant to my investment strategy:

I work full time job which I really like in New York and would like to get my first buy and hold property. I strongly believe that buying a rental investment makes the most sense for me if it is located as close as possible to where I live. This way I can keep a close eye on the property and to start - manage it myself. I am quite handy and can do a lot of small to medium fixes myself, for example I have finished a 650 sq/ft addition on our primary home and I have really enjoyed being in a General Contractor role. Of course, I have hired an architect and subcontracted bigger jobs like foundation, framing, roofing, HVAC and sheetrock install. But besides these I did the rest myself.

I am considering following investment:

I found legal 3 family house in rural area in Middlesex county, New Jersey. It is in the township which is known for really good school system (avg school rating on Zillow 7/10). I am hoping this will attract families which would like to stay and rent for longer term. I have run the numbers via Rental Property Calculator on BP and here they are:

Purchase Price: $460,000.00

Monthly Income: $4,200.00	Monthly Expenses: $3,593.20	Monthly Cashflow: $606.80	Pro Forma Cap Rate: 5.93%
NOI: $27,952.00	Total Cash Needed: $126,000.00	Cash on Cash ROI: 5.78%	Purchase Cap Rate: 6.08%

Total Monthly operating expenses:
Vacancy:	$294.00	Repairs:	$210.00
Water:	$100.00	Sewage:	$100.00
Insurance:	$150.00	P&I:	$1,722.53
Property Taxes:	$916.67	Misc:	$100.00

Please let me know if I am crazy to do this deal. 

My heart wants to do it, but I would appreciate any extra opinion.