How does this even make sense

[Ryan Halverson]

http://www.realtor.com/realestateandhomes-detail/222-Grove-Ave_Des-Plaines_IL_60016_M85510-89913

Could this also be a supporting reason why CAP rate should NOT be your only metric in buying an investment property?

Purchase Price: $174,900
Mortgage: $838.89 with 20% down @ 6% and 5% closing
Cash Outlay: $43,725

-Income-
Rent: $1900/month (optimistically)

-Expenses-
Maintenance: $190/month
Vacancy: $190/month
Property Manager: $0 (self PMed)
Insurance: $115/month
Taxes: $510/month (ouch)

NOI: $16,860
CoC: 1.54%
CAP: 12.52%

Profit: $27.99/door/month

I would have to offer $130,000 on this property to make $200/door/month.