Feedback on this 5 plex deal

[Andrew Marsh]

Hello all.  I am a new investor that just recently purchased my first 5 plex.  Getting to here has been a 2 year journey - reading, analyzing, contemplating, no action, repeat.  And then I just decided that I will probably learn more from this first deal if I just get on with it :)  So, please, let me know what you think so far.  Warning: it seems to fail a lot of "rules" of thumb.  But I went ahead because my goal was buy and hold with 100/unit/mo longterm and it seems to do that assuming I can manage the transition from current rent to target rent.  Background:  

(5) 2bd/1ba units all about 625 sq feet with laundry hook ups and carports.  Basic units.  I would say C condition in a C area of town.  Market rent for *similar* units would be 550-600.  Currently the gross property rent is 2300 (460 avg/unit).  I think gross property rent could easily be 2850 (570 avg/unit).  A stretch would be 3000 (600 avg/unit).  

I purchased it for 235,000 with 25% down. PITI is 1150. Management is 8%. Water/sewer is 250. Repairs are 8%. I am going to try and take profit "first" and see how that goes. So I will transfer 500/mo into a separate account (my goal was 100/unit/mo). So, 2300 (gross rent) - 500 (owner profit) -1150 (PITI) -184 (management) - 250 (utilities) - 184 (repairs) = 32 (net without vacancy or cap ex). In other words, not much for vacancy or cap ex. So. I bought the property planning on adding value and raising rents. If I can make strategic investments and get rents up to 2850, then the net without vacancy or cap ex would be 582. Vacancy at 5% would be 143 and cap ex at 15% would consume the rest. So. I get my 100/unit/mo and everything is accounted for, right? Please let me now if I am missing anything so far. Also, what would you do differently in my next deal? Other than get it for insanely cheap. I get that. However, if that is it, please say so :)