Four-plexes in marginal areas should approach 2 percent per month, as expenses are higher than SFR's. You don't even hit 1 percent. Is it vacant? If so, did you adjust for lease-up costs, including rent loss? What allowance for vacancy and collection loss are you making? What about renovation costs and utilities at turnover? What do your comps show for market rent? Do you pay the utilities or do the tenants?
Even newer four-plexes will run 40 percent expenses at a minimum. $3,800 x 0.60 = $2,280. Your PITI is $1,837. If things go perfectly, you can expect a monthly cash flow of $2,280-$1,837 = $443. Annually that's $5316, or around 2.6 percent on your $200k down payment. The GRM is 9.57. Thanks, but I will pass on this one.