Under construction 4 plex

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Hi all,

I am super tempted to invest in a under construction 4plex.  It will be completed in 100-120 days after booking (10k refundable reservation).  Each unit is 3 bed/2 bath.

Price:  450K < price includes granite counter tops, all appliances, sod in backyard, front yard

Rent: 1200/unit (4800 total) < confirmed with local property manager after running CMA

PITI: 3000 per month (PI: 1700, Tax:1050, Insurance: 250: yes taxes are super high)

Prop Management: 400/month

Maintenance/Capex: 400/month

Vacancy:  250/ month (5%)

Cash on Cash: 8%

First year maintenance is fully covered since its brand new

I know that the cash on cash is low but I also think that it might not need 400$/month to maintain at least for first 5-6 years.  

I am super tempted to invest in this over cheaper properties (50K a pop).  Cheaper properties have higher returns but not so sure about appreciation.  I think the area has potential to appreciate in value.  

Torn between the dilemma whether to go for a nicer, low maintenance property with lower returns or cheaper with higher returns.