Is this a good deal?

[Joshua McGinnis]

This 4-unit property (2 beds/1200 sq.ft. per unit) is listed in the low $800's. It currently brings in $4600 in rents. The area has about a 3% vacancy rate, is within a few miles of a major university, and is generally in a location that is up and coming.

It has annual expenses of about $27K - which seems a little high.

I think the rents are a little low for the area and could be increased, especially if some minor updates were made to each of the units.

Any thoughts on if this is a good deal?