Looking for someone to check my numbers.

[Nate Gelinas]

Hello, I just finished reading Gallinelli's book on cash flow and other financial measures. I am not considering this property as a purchase; just looking to put some of the basic metrics taught in the book in my own practical application. Just looking for someone to review my processes for me. Thanks!

All numbers annualized.

Givens-
8 unit apartment complex
Ask: $220k
Rent per unit: $5100
Gross scheduled income: $40800

My calcs-
Gross effective income: $38760 (assumes 5% vacancy and collection loss)
Operating expenses/NOI: $19380 (assuming standard 50% "rule"
PI: $14052 (30 year fixed @ 7% with 20% down)
Cash flow: $5328 ($55 per door monthly)
Cap rate: 8.8%
Also does not meet 2% rule (1.54%)

Have I looked at this accurately?