Is this a good deal?

[tajer3]

Could someone please critique this possible deal for me?  I'm new to this so if it looks like a bad deal - let me have it.
I'm looking at a 4-plex with an asking price of 171k.  I would like to give no more than 163k for it with 10% down.  So here is what it looks like:

Rent 4x450 - $1800
Mortgage- $977
Taxes & ins.- $145
Vacancy@5% - $90
Repairs/Maint. - $150 (guess??)
Misc. @ 5% - $90
Utilities paid by tenants

Thanks for any advice,
tajer3

[NoMoneyDown]

1. You say you are new, and don't have management fees built into your figures.  I'm not saying you couldn't handle the management of a 4-plex, but it's usually something better left to experts (at least in the beginning), IMHO.

2. Can you only put down 10%?  I know some places treat a 4-plex as commerical and require at least 20% down, but I don't know your specific situation.

3. Is there any deferred maintenance issues?

4. How are the tenants?  IOW, have they been there a while, or relatively new?  If new (or maybe just for your own sake), you may bump the vacancy factor to a month or more (8.33%).

5. I usually budget 3-5% of gross rent for monthly maintenance reserves, depending on the age of the property, andother issues.

6. Do you know if your jursidiction requires a rental tax?  Or is that in your overall tax/ins figure?

7. Double check the insurance and taxes to be sure.  In my area, property taxes (~2.5%) and insurance tend to really eat at the bottom line.

Other stuff looks good, although, for "misc", I usually only put 1-2%.