Anyone willing to "grade" my work? Willing to take criticism :)

[Dustin Beam]

Hey everybody,

I'm looking at a "deal" that could be my first, so there's a lot of caution on my end. I would assume most of you know the feeling. I'm a believer in the old saying "the devil is in the details" so I'm trying to analyze this property thoroughly and correctly. So, I'll try to be brief and will truly appreciate any feedback you're willing to give. 

Background: Two 4plex buildings.

Cost: Shooting for $250k

Rent: $500/unit/mo, $4000 total

Mortgage only: $890/mo

2% rule (of thumb): Fail

50% rule (of thumb): Pass for me

Detailed Analysis

Expenses:

Vacancy (10%):                          $400/mo

Taxes (verified):                          $216/mo

Insurance (est.):                          $175/mo

Mortgage:                                   $890/mo

Future management (10% est):  $400/mo

Cap X***:                                     $190/mo

Miscellaneous:                            $ X

Total:                                           $ 2271 + X

*** - I used this site for average life of components and Home depot for prices. Included components for CapX were water heaters, roof, furnaces, refrigerators, range/ovens, and window unit ACs.

OK, So if those estimates are accurate, the miscellaneous amount could total as much as $925/mo and I'd still make $800 month in cash flow. Although those rent numbers may indicate this in a shady area, it really isn't, yet those numbers resemble "bad area numbers" from the times I've analyzed them. So what do you think, am I missing anything critical?

Thanks,

Dustin