Fourplex in Large Apartment Complex

[Joe Jephson]

Hello BP folks!  I've been watching the podcasts and reading the forum discussions for a year or two now, and this is my first post.  I'm reaching out for some help because I don't know what I don't know...

I'm evaluating a fourplex (non-owner occupied) that is one building within a gated apartment complex comprised of ~60 fourplex units.  The numbers seem pretty decent, and I follow that side of the decision-making process, but I am concerned about owning one building in an apartment complex of many units.  

A few of the benefits I see are (1) full-time management on site so it should be nearly totally passive for me to own, (2) large, established property with advertising/marketing in place and good historical stats to based economics on, (3) rents should move and stay at/near market rates and increase equally for all owners, so no competition between owners, (4) presumably volume discounted property management fees.  

Some of the drawbacks I see are (1) consistency to keep units uniform and the same means less control over my fourplex in terms of timing of upgrades, maintenance, etc. (2) I'm at the mercy of up to 59 other owners that I don't know and may not agree with.

Does anyone have experiences with this situation that you could share?  Are there major pros/cons to owning this fourplex within a large apartment complex that I'm not considering?  All help greatly appreciated!

FYI:

2 x 3/2 and 2 x 2/2 units

Built in 2007

~6.5% cap rate

~7.5% cash ROI