A 4-plex deal in salt lake. Am I missing anything?

[Ray Loveless]

So, I'm looking at a 4 plex deal in the Lehi, Utah.  A nice area just south of salt lake city.  I'm calculating my expenses and income.   Am I missing anything? 

Purchase Price $500,000.

Monthly expenses

$2,839 principle and interest( 5.5% interest rate over 30 yrs)

$300 taxes

$100 insurance

$800 repairs and cap-x.

$230 water & sewer

$40 garbages.

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$4,309 TOTAL monthly expenses.   I figure I'd have to charge $1077 for rent if I want to break even on the property.  Am I missing any income/expenses.  Thanks!!

-Ray

[Maurice D.]

most importantly you are missing vacancy allocation.  5-8% depending on the area?

also factor in property management, even if you plan to manage it yourself.  you have to make a profit and/or pay yourself for your time.