Are my calculations correct ?

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Hello,

These are made up figures. I just want to see if I am calculating this correctly. Any advice/opinions are welcome.

Thank you.

Bought for 280,000

20% down payment = $56,000 ( $280,000 x 20% = $56,000 )

loan = $224,000 ( $280,000 - $56,000 = $224,000 )

30 years

7% interest

Loan Amount = $1490.27

Taxes = $400 per month

Insurance, Maintenance, Expenses = $600 per month

$1490.27 (Mortgage) + $400 (Taxes) + $600 (Insurance, Maintenance, Expenses) = $2490.27

4 units at $1,000/ unit = $4,000

$4,000 x 15% vacancy = $600

$600 - $4,000 = $3,400

$3,400 - $2,490.27 (total expenses) = $909.73 (net cash flow)

$909.73 x 12 months = $10,913.76 (net operating income)

$10,913.76 divided by $56,000 = 19% cash on cash

$10,913.76 (net operating income) divided by $280,000 (asking price) = %3.8 cap rate