Apartment complex seems too good to be true. What am I missing?

[Shawn Reisner]

Hi!  I'm looking for my first investment property!  I found a 6 unit apartment complex that consists of a building with 2 units next to a building with 4 units.  All 6 units are rented out already for a total of $3545 per month.  Here's what I'm looking at to analyze the property:

Price of Property

• Asking Price: $225,000
• Negotiated Price: $195,000
  • This is the value I'd try to negotiate for the property since it's been on the market for well over a year and the county assessor has assessed the property to have a value of $172,400.

Upfront Cost

• Estimated Closing Costs: $5,000
• Estimated Repairs/Rehab Cost:  $1,000
• Down Payment: $195,000 x 20% = $39,000
• Total Initial Investment:  $45,000
  • This is equal to Estimated Closing Costs + 

    Estimated Repairs/Rehab Cost + 

    Down Payment.  I use this to calculate COCR.
    

Mortgage

• Mortgage Amount: $156,000
• Mortgage Period: 30 years
• Estimated Mortgage Interest Rate: 4.5%
• Monthly Payment:  $790.43

Monthly Expenses

• Taxes:  $331
• Insurance:  $100
  • This is just a guess but doesn't affect the final numbers very much
• Vacancy: 3% of rent ($76.35)
• Repairs: 5% of rent ($127.25)
• CapEx: 10% of rent ($254.50)
• Total Monthly Expenses:  $1679.53

The problem is that with that much monthly cash flow, my COCR is close to 45%, and I'd allegedly be bringing in almost $2,000 per month in profit. I feel like I must be missing something because this property has been on the market for so long and not bought up yet. Let me know if you'd like more information.

I have two questions:

1. Am I missing anything obvious with my numbers here?  Anything else I should take into account or that looks wildly off?
   
2. What reasons might there be for this property to have stayed on the market for so long that I'm not seeing?

P.S.  This is my first post - am I allowed to directly post the realtor.com ad for reference?