I am interested in a 4-plex in Houston,TX. The property is listing from a wholesaler for $133,500. CAD appraises it at $179,000 and it has gone up from $135,000 in 2010. Wholesaler says it needs $16,000 in repairs. I've visited the property and it appears to be cosmetic (stained carpets, dirty toilets, sinks, tubs, paint), however I am taking the $16k with a grain of salt. I am going to visit the property with a contractor to verify the number. Below is my analysis.

Property Taxes:2.693%
Property Management:8%
Insurance:0.86%
Vacancy: 8.7%

These are the expenses I've considered
Maintenance (15%)=$372
Insurance=$96
Property MGMT=$199
Property Taxes:$300
Miscellaneous=$100
Vacancy=$216
Debt Service=$725 ($135,000 30 year loan at 5%)
No HOA Fees
Total Expenses:$2100

After all the math, I get:

GOI=$2480
NOI=$1198
CFBT=$473 (Cash flow before corporate/personal taxes)
[b]CFAT=$220 (Cash flow after corporate/personal taxes)

Cap Rate=10.8%
COC=5% Cash on Cash Return

I am positive cash flow $200. However, rentometer shows that the average rent in the area is $730. If I can rent for $700, then cashflow greatly improves and COC is 10%.

Are there any expenses that I've failed to include? Is there a key financial metric that I haven't calculated? I greatly appreciate any feedback.