Analyze This Deal

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Hello BP,

I am analyzing a deal that I found on Zillow, and it looks like such a steal! I am a little troubled though because it has been on Zillow for 21 days. It is a FSBO triplex, located in one of the better neighborhoods in this city. I was wondering if anyone would like to review this deal with me and just kind of let me know what they think? Here we go:

3 UNIT APARTMENT BUILDING
UNIT 1 5 BED 1 1/2 BATH 1755 SQ FT est rent 2275 MO (I disagree, a little high)
UNIT 2 5 BED 1 BATH 1375 SQ FT est rent 1955 MO (I disagree, a little high)

UNIT 3 4 BED 1 BATH 1275 SQ FT est rent 1955 MO (I disagree, a little high)

15X 10 STORAGE UNIT IN BASEMENT INCLUDED WITH
EACH UNIT

The listing price is 159,900, and I estimated about 50,000 in rehab. I also estimated an ARV of 270,000 based on location, property type, and similar listings. Zillow has a Zestimate of 409,000.

Even using my conservative numbers, the cash flow looks like this:

Rent: 3,000

Mortgage: 764.97

Taxes: 281.92

Insurance: 70.00

Vacancy: 210.00 (7%, neighborhood average is 5%)

Repairs: 300.00 (it is a little older)

CapEx: 300.00

Management: 300.00 (10%)

All of this leaves the cash flow to be a whopping $773.11, is there something I am missing here? I invite all opinions, criticisms and advice on this post. Maybe I am not seeing something, or maybe I am an idiot for not jumping at this deal. Let me know your thoughts!