4 Unit Cashflow help

[Nathan Rude]

I'm trying to analyze this 4 plex which I would be occupying with an FHA loan. I understand the low equity and mortgage insurance will cut into my cash flow, but I'm not seeing much returns from this property. Can you tell me what you think from these numbers?

Purchase Price - 122,000 + 5,400 cc (PMI included)

Down payment - 4,270

Estimated monthly rents of 2000

Monthly Expenses

P&I - 596

PMI - 81

Taxes - 408 - higher than properties listed for 50k more than this one

Insurance - 100

Expenses

Vacancy - 100 (5%)

Maintenence - 200 (10%)

PM - 200 (10%)

Water, Sewage, Trash - 100 estimate

CapEx - 200 (10%)

Annual Gross Rents - 24,000

Annual Expenses - 14,268

NOI - 9,732

After Mortgage (No Capex) - 2,580

After CapEx - 180 annually

I'm not certain of the utilities, or if I'm being too conservative with my expense percentages, but this property doesn't seem great. The low down payment + PMI + property taxes seems to be eating me alive. Plus the seller has "renovated" 2 of the units, and I would have to renovate the other two to bring up rents to 500/m. In addition I would not be happy living in this property. I'm not sure if this is psyching me out of purchasing, but I also don't want to purchase a lemon.

Anybody have any thoughts about this? Can you spot if I'm calculating anything wrong?