first investment property & have an opportunity on a 12 plex..... Help plz!

[Jt Biegler]

Looking to get into our first investment property and have an opportunity on a 12 plex. 

My wife and I have been looking into getting into a rental to start our investment journey and have been looking at duplexes/ 4-plexes because they seem to make the most sense on paper. 

Came across a 12 plex in a small city that is about an hour and a half from us with an asking price that is around $620,000 which is less than the cost of 3 duplexes in our area. 

Looking to see if this deal makes sense.

Concerns are: 

In a very small town with a population around 1800ppl but slowly growing 

But could limit renters, management, repairs etc.

Zillow also shows a decline in the property over 200k in the last 2 years (trust this) 

We would be financing the deal and tried to be conservative with the numbers. 

Built is 1957 - 8400sqft  and seems a little dated inside

1 - 2 bed 1 bath unit

11 - 1 bed 1 bath units  

Owner currently pays water, electric, trash 

Claimed monthly rent is $8,650 (small town and small units) 

Estimated Monthly operating expenses $5,278 (set cap reserves at 15% & includes management) 

Coming up with:

NOI - $3,361 monthly - $40,334 yearly

Cash flow - $3,361 monthly - $40,334 yearly

COC 21.86% yearly

Cap rate 6.25% yearly

I welcome any and all feed back