A Good Deal or a Bad Deal ?

[Jimmy Warr]

I have an 8 unit apartment building under contract in Memphis TN. Property is located in a C-/D+ area but it is .25 miles from an awesome revitalized B area. All units are 2BD / 1 BA.

The Property is currently 100% occupied, all leases were expired between 1 - 3 months ago. Rents are all $300 a month totally $2400 a month. Purchase price is $55,000 and I am still pending the final report to what must be rehabbed. I plan to rehab each unit and raise the rents to $400 within the next 2-3 months. 

Using a hard money lender with 12% interest, Interest only payments for 24month. I plan to have this building refinanced with my bank within 12months of the purchase. 

Also, I will be using a PM for this.

Thoughts anyone, this is my FIRST deal  ?