First deal Quadplex in Raleigh NC

[Davis Bunn]

First multi family I'm working on in Raleigh NC. 

Sale Price $250k

Quad monthly rentals $700/mo x 4 =$2800

Expenses (including tax) $800/mo. This is my estimate averaged with what current owner has listed. I will self manage. 

No large capital expenditures are expected units and quad are in good shape. I am going to have an inspector go through and check out everything.  Newer HVAC and appliances. C+/B- neighborhood. 

25% down = $917/mo PI

Cash flow = $1,083/mo ... $271/unit

I also believe the market rent rate is $750-$800. So room to eventuall raise rent. 

This deal seems good to me in a market where deals are hard to come by. Please give me your thought on going through this process. What do I need to find out. 

[Davis Bunn]

My first number weren't exact so I uploaded my spreadsheet to make it easier to analyze.