Deal or no deal in Northern NJ?

[Jay Costa]

Hey I am in real estate and have done flips, as well as built a new construction home, but am looking to get into buy and hold strategies. I found a 2 family here in Northern, NJ. It is older, built in 1920. Looking for some feedback on a deal I came across...

List price: $799,000

$5,000 monthly rental income

tenant pays for all utilities, as well as landscaping and snow removal

Taxes are $14,731 annually.Insurance i figure around $2,000

With a 25% down loan, and no repairs (which it could use some) I am looking at 4.9% cap rate, which is fairly good around here. Directly outside NYC)

Roof is 4 years old, electrical is new. One unit has new furnace, the other unit has oil heat with a new above ground tank but furnace looked very old. Thoughts?