Would you buy a single family that was converted into a 5-plex??

[Rohan J.]

I'm considering purchasing a 5-plex in Blue Springs, MO (a very nice neighborhood near KC Metro) because the neighborhood and deal look great, but I still have quite a bit of concerns that are preventing me from making the leap. Mainly because it used to be a single family home, and it was converted ~10 years ago. Now it's a torn-down 5-plex and 4 of the units need rehab.

Numbers = $75k purchase price, $35k repairs, ARV = $180-200k . Minimum rent = $2500/mo after repairs.

Obviously the numbers are great, but the place is gutted, has no separate meters (since it used to be a single family), and doesn't necessarily look/feel like a small multi-family building (it looks more like a house, since thats what it used to be).

Everything is properly zoned to be a commercial 5-unit, and the neighborhood is A-/A . 

What questions would you have to dive into before making a purchase like this???