4plex Deal - I like it, do you?

[Rob Simpson]

The property is a 4plex with four 1/1 units in a nice neighborhood filled with SFR.

Asking price: $120,000.

Disclosed Operating expenses:
- $80/month for landscaping.
- Tenants pay water/sewer/cable/phone/garbage/electricity

Reserves I Calculate:
- 6% for vacancy. ($96 per month)
- 6% for repairs. ($96 per month)

Estimated property taxes: $1,462/yr.
Estimated insurance: $1,482/yr.

Lending Terms:
25% down payment = $30,000.
$90,000 @ 4% over 30 years = $429.67/mo.

Each unit currently rented at $400/mo. NOI = $12,996/year. Positive cash flow before taxes: $653/mo.

----------- Disclosures to BP:
Property inspection has not happened. If it reveals issues, the numbers will have to change or the deal will be cancelled.

Am I missing anything?