Analysis on Fourplex

[Bill W.]

Looking for feedback on this potential deal on a fourplex in my area.

Purchase price: $160,000

Gross rents: $2600 per month.

Principal + Interest: -$648. (20% down. 30 year fixed loan at 4.5%)

Expenses
Taxes: -$300
Insurance: -$125
PM (@10%): -$260
Vacancy (@8%): -$208
Repairs (@10%): -$260
Water: -$250
Total: -$1403

NOI: $2600 - 1403 = $1197

Cash Flow: $1197 - $648 = $549 per month

This is a fourplex in a rough Class C neighborhood. It is surrounded by other similar fourplexes. Rent seems to be in line with the neighborhood. The interiors of each unit were somewhat recently remodeled. This deal is strictly a cash flow deal and I would not expect any appreciation on this deal. Thoughts?