Multifamily Opportunity - good idea as first investment?

[Brent S.]

BP,

I'm a newer investor primarily looking for single family opportunities. I've been analyzing deals for a few months now but haven't found the right opportunity yet, which is ok. I'd rather wait for the right opportunity than just rush into a bad deal. While searching for a single family home, a multifamily opportunity came my way. The property has four units and hasn't been managed that well thus far. It currently cash flows, but very little. The units could be rehabbed and rented out for more which is catching my attention. My hesitation lies in the area. There isn't much going on around the area in terms of jobs, new construction, or any other signs that would verify future appreciation. This also makes me feel that the rehab would be in vain since there isn't a huge demand for more expensive units given the local economy. I've been searching primarily 20 miles away from the multifamily where there is a strong economy and ton of growth taking place. Am I correct in holding back based off the area? I know multifamilies should be evaluated based off how they perform which is different than single family homes, but something isn't sitting right with this building. Also, the multifamily is designated as a historic building in a historic neighborhood, which I also know nothing about. Any advice you can provide would be greatly appreciated. Lastly, I'm wondering if a 4 unit total rehab would be wise as a first investment property project. Thank you.