4 Plex opportunity

[Kevin Scott]

Need a little feedback.

4-Plex out of my area.

Purchase Price $180,000
Conventional Financing 75% @ 5.25% / HELOC 25% @ 3.25%
Rents total $2600/mo (3 leases up 1 year, 1 in 1 month)

Gross Rent $31200
Exp $18339 (assuming 50% including vacancy)
NOI $12871

Debt $11296

CF $1575

Is the CF too little for my first property? A little bit of a pipe dream that I can squeeze a little more out of the rent in the near future.

Not 100% on how much is needed in the units so I'm guessing at $5K. That will be paid cash out of my pocket. (waiting on #'s)

Other previous listed "renovated" units in the same complex rent for $700-$725. So there is a possibility of getting a little more out after leases are up in 1 year.

Should I offer more/less? I believe it could be a short sale.