Does this property in Albuquerque NM make sense

[Jens Nielsen]

Newbie here... I'm considering investing in Albuquerque, NM.

I found a 4 plex for $190K, the total monthly rent is $2100, annually $25,200

The unit is 1 of 5 in a complex, owned by a large investment company. I guess they are looking to sell all of them in the near future. The unit is 38 years old, but the current owner has improved them with new windows, roof, gutters, stucco and interior updates. 

While such upgrades don't leave much room for quick equity build up, however it also reduces the up-front expenses for getting the unit ready. I would also think that the CapEx would be reduced with these upgrades?

I have the financial statements from the current management company, and here is what I have summarized:

• Gross Income with 5% vacancy rate = $23,940
• Property Tax = $1950
• Insurance = $1500
• Maintenance and repair = $1000
• Utilities = $2100
• PM (10%) = $2394
• Other (Pest management) = $300
• CapEx (10%) = $2394
• Total Expenses = $11638
• NOI = $12302
• Mortgage = $8664
• Annual Cash Flow = $3638
• Cash ROI ~7% with 25% down payment of about $52,250
• Cap Rate 6.5%

What does people think about these numbers?

Pros/Cons on purchasing a property with significant CapEx improvements?