First deal so I need some feedback

[Kevin Scott]

So this would be my first deal and I would like some honest feedback. I need to know if I'm biting off more than I should chew.

Triplex asking $220K
2B/2Ba each unit
Good neighborhood and schools
Rents 1x$600 2x$650 = $1900 (1 renter 13+ years, 1 renter 4+years, 3 ends 12-31-13)

RENT $1900
Expenses a month
Mortgage $944
HELOC (20%) $153
Vacancy $57
Taxes $195
Insurance $67 (guess)
Maint $294

NOI $190/month
Cash on cash 11.75% including $15K repairs

Repairs $15000-$25000, but they don't all need to be done at once. Current owner has neglected some things so slowly I would bring things up to date. People are living there currently but I'm not a slumlord so I would want them to have nice places. New roof 2008, paint 2013, HVAC < 5 years old.

My idea hope would be to get it for around $182K so NOI is $379 month. cash on cash 24.4% including $15K repairs.

So my one huge fear is that it does need some work. Is this something I should pass one because its my first property. I have not made an offer or had an inspection. I just need to know if I should walk away.

Advice?