Hi @Shane Woodman going off the numbers you put in, the deal looks good. I might bump up vacancy a little. Maybe 8-10%.
Outside of that, I would just double check all your numbers. Can you actually get $1,500 a month in rent, or are you stretching it? Also, I don't know your area, but at this price point what quality of tenant are you getting? Is it lower income? If so, keep in mind its a more challenging tenant base that comes with higher turnover and maintenance costs?
Does the building need major capex in the next 5 years, if so you should increase your capex. Does the inside of the unit need updates? If so, increase your starting cash a bit. As an example, will it need siding in 5-7 years, this could be a $20k project. At your capex rate of savings, you wouldn't put aside enough to meet this need.
At first glass, just based on your numbers, this is a deal I would go look at and and potentially put in an offer.
Cheers - AK