Help analyzing a deal in NJ!

[Michael Ash]

Hi BP! I'm looking at a 4 family property in NJ, all 2 bed 1 bath, and I just wanted to throw the numbers out there that I came up with to make sure it sounds like I'm on the right track. Probably looking at a 203k loan at 3.5% down including reno costs. Let me know what you all think!

Total rental income - 8400

Vacancy - 420

Prop Mgt - 840

R&M - 420

Taxes - 848

HOI (maybe flood also) - 400

Cap ex - 800

Utilities - 200

Purchase price - 500,000

Reno - 150,000

Cash flow - 842

ROI - 26%

Even running numbers more modestly, I'm coming up with a 480 cash flow and 15% ROI. Am I missing something or is this a decent 1st deal???