What am I missing on this deal?

[Andrew Dillard]

I am looking at purchasing a multi family deal in my local market. 

Deal Stats:

Price (Current List): $109,900

2 Separate duplex properties on the same lot for a total of 4 units.

7 bedrooms 5 bathrooms

All units recently renovated

Income

Gross Monthly Rent: $2,400

Expenses:

Mortgage: $500

CapEx: 3%/mo = $72

Repairs: 3%/mo = $72

Insurance: $150/mo

Property Taxes: $130/mo

All utilities are the responsibilities of the tenants

I will be managing the property myself

Total expenses/month = $924

Based on the BP Rental Tool I get the following results:

Pro Forma Cap Rate: 21.12%

Cash on Cash ROI: 222.05%

Income-Expense Ratio (2% Rule): 2.14%

Debt Coverage Ratio: 3.97

Monthly Cashflow: $1,479.39

NOI: $23,734

The Market:

Where this house is located, 44% of the market is renting vs 33% for the state

The most popular type of rental is 2 bedrooms, which are 3 of the 4 units in this deal.

Median Rent is slightly less than the current rent on these units.  How much of an issue is this?  All units were recently renovated and are in great shape.

What am I missing?  This deal seems like its too good to be true compared to some of the other deals I've analyzed.  No updates needed, 4 units for ~$100,000.  Any thoughts if this is too good to be true or is it really a good deal?