Potential First Deal Advice

[Bob Black]

Hi Everyone - I am considering purchasing an 8 unit boarding house. The building is old, early 1900's old, but seems to be in good shape with updated electric & heating system. Its about 4000 sq ft. Most of the tenants seem to be living on social security or disability. There is a property manager that lives in one of the units who has been there for more than ten years. Cashflow is very nice with 14% cap. 

Anyone have experience wiht this type of property & tenants? I am told turn over is very low & there are rarely issues with the the tenants. I am trying to get some advice before moving forward with expenses like a thorough inspection which I think will be expensive on such a large old property.