This REO Triplex doesn't meet 50% rule--but does it still cash flow enough to purchase?

[Page Huyette]

Running the 50% rule shows this vacant REO triplex at a negative cash flow, but when I run a more detailed analysis, it seems fine. I'd appreciate insight on this deal:

Purchase price: 209k max with 25% down

Gross yearly rents: 27,600 (conservative--can rise after rehab)
Vacancy rate: 5%
Prop taxes: 2034
Insurance: 1200
Maintenance/repairs: 1950
Utilities: 1500 (gas/electric for laundry & common hallway, laundry & exterior water) Units separately metered for electric, will be sub-metered for water after purchase

Lawn/snow: 900

I'm showing gross cash flow profit of $6792/year.

I've based rents in-between below-market rents prior to foreclosure from PM leases and current market analysis. Rental market is very strong(both long-term and vacation rentals) and desirable location.

Single water meter high bill is currently $150/month fully occupied with no sub-metering.

We will be the PM, intend to buy and hold min. 5 years, likely longer. Average unimproved, fully rented (at higher rents) comps are average 255-270k in the area, with cap rates between 6.8-7.5%. Units all have separate entrances, about 750-850 sf each. Building is built about 1910. Common laundry area with coin op in place. Have already fully inspected property top to bottom. All appliances and fixtures in good condition, fully functioning.

Improvements will be done prior to renting, either all at once or one unit at a time, with full occupancy in 2 months or much less. Plan to put about 15k into rehab (roof paint, misc clean-up) doing most of work ourselves aside from the roof.

I know the cash flow is not phenomenal, but this seems like a property with the right type of rehab needed, great potential for increased rents. What am I missing?