Virginia Quadplex Too Good To Be True??

[Kevin Phu]

Ok BPers, I am in Norfolk, Virginia on a work trip and I'm taking advantage of my time here to check out the local real estate for future out of state purchases. I live in California and my income will go a very long way in a low priced market like Virginia. I also come here a lot because I work for the Department of Defense and Navy. I was eating dinner today and browsing listings on Redfin and I came across this quadplex in the Ghent/Park Place neighborhood of Norfolk (don't quite know the neighborhoods yet).

This listing looks too good to be true. What am I not seeing???

227 W 27th St, Norfolk, VA 23517

6 days on Redfin

List Price: 119,900

6 bedrooms/4 bathrooms

2,734 sqft living space

Total Current Rental Income: $2300 ($625x2 and $525x2)

Calculating with 20% down, 10% vacancy, 10% maintenance, 10% capex, and 10% PM

Monthly PITI=$638 and it comes out to $740 cash flow per month.

For Virginia investors, are these normal numbers????