Is this a good deal? Land contract in Milwaukee, WI

[Josh Schober]

Below are the numbers for this deal I'm working on.  Terms below have been verbally agreed to, but I want to see if anyone has advice, as this will be my first ever real estate deal.  Here are the details:

-Property is a single family, turned into 3 units. Location is just off of National ave and 29th st in Milwaukee

-Terms: Agreed to $100k on a land contract, as the owner has no debt on the property.  I would get a bank loan for $80k and the owner would leave in $20k for the down payment.  I would pay the $20k back at no interest over 5 years ($333 per month).

-Taxes: $292 per month

-Mortage payment to bank: $382 per month

-Vacancy @ 4%: $76 per month

-Repairs and maint @ 3%: $57 per month

-Cap ex @ 3%: $57 per month

-Property management @ 6%: $114 per month

-Monthly insurance: $100

-Monthly payment to current owner: $333

-Water: $80 per month

-Gas and electric: $200 per month

-Rent: $1,950 per month.  Two units are currently rented for $600, but will bump those up to $650.  Third unit which owner lives in now, will also be rented for $650.

CASHFLOW = $259 per month

As it it a single family, I will be paying all utilities.  The two units that are rented out now only have one person in each unit.  Does the water, gas and electricity numbers look to be accurate?

Thanks for the input!