Potential Deal but I need help for where to go next!

[Amadeus Hladun]

Hello everyone, I am both excited and sort of terrified! So I have been looking at properties and analyzing them and I came across 1 property. It is not in the best (Or Worst) neighborhood so I know it wouldn't attract the best tenants but if I screen properly I think I would find good enough tenants to take care of the property and pay rent on time. 

Without further adieu,  This property is a 4plex In Lethbridge Alberta, it's current rents from the landlord are all $700 and tenants pay utilities. He was asking $320,000 (Which is already well below market value for a 4plex in my area) but with some negotiating he is willing to get rid of it for $281,900. The property needs a lot of work though, I have budgeted for $25,000 per unit. After rehab is complete my plan is to raise rents to $850 and tenants pay utilities. 

So the basic financials are $281,900 purchase price, $100,000 rehab cost, then when this is complete the income of the property would be $850 and no utility expenses.

I am planning on using the BRRR strategy for this property.

My wife and my personal finances is I have $14000 in savings, $600 in another account and I have a line of credit of $40,000 with and interest rate of 7.8%.

I have not exactly officially offered this $281,900 but I want to but before that I want to hear any opinions and things I may not have thought of. It looks like a great deal for my area but I am worried I am overlooking something.

Thanks!