2-flat -> Am I Missing Something?

[Edouard Pierre]

Hi all!

I have a two-flat I'm looking at in a C-class neighborhood. My parents have an investment property near this one and I'm looking to get my own hands dirty in the investment world. Specifics are below:

Desired Purchase Price: 115,000 (Listed at $130,000 and has been on for 120+ days)

Both floors are 3bd/1bath

Both units are being rented at $1100 right now plus $50/month revenue via coin laundry. 2nd floor tenant has been there for 6yrs and 1st floor 3yrs. They pay rent on time and take very good care of the property. Rents are close to market rents...could be bumped up but these are good tenants.

Property is in good shape and is in no need of any immediate face lifts (no tuckpointing, minor roof work, windows 2008 double-pane vinyl, electrical updated and utilities separated). 

Am I missing something?

My apologies for the poor scan...