Advice on a mult-family - 1st deal!

[Robert Arnold]

Hello...would greatly appreciate experienced investor replies on a off market property we are considering:

2500 sq ft , 2 family, offering $204K

Comps have sold around 230k

Under rented at $1700 total rental income. Realistic monthly income $2200

CoC: 9,1 % Monthly Cash flow after conservative estimates for all expenses are considered: $424

The ConC is less than the 10% we've been looking for and we have been seeking over $500 in cash flow but there seems to be a good opportunity for equity here. The taxes are high ($420/month) which cuts into cash flow. This is in an area that has much development planned in the next couple years (shops/restaurants). Property is in good shape and will require no major capital expensive for some time. *We are out of state investors who would never live in this.

Thanks for your thoughts!