URGENT! Deal analysis help...

[Yaya Y.]

looking at a 4 unit townhouse. up and coming(hipster) location. close to transportation. Not a lot of product in immediate area.

purchase price $820,000

renovation costs post purchase: around 350k

Total Monthly Rent: $7,000 (after renovation/ pro forma)
Annual Rent: 84,000

Vacancy: 5%

Total annual Expenses: 25,000

Annual Debt service: around 50k

cash down: 500k

all in costs: 1.2m

ANALYSIS:

My analysis is that I spend money and my time to achieve a 5 cap. I feel like I am buying a safe investment but not achieving a high yielding asset. If my math correct, my cash on cash is about 1.6%? Is that correct? cash flow is about 10k a year. Would you buy this asset and if yes, who so?

please let me know what other information I can provide.