Biting Off Too Much??

[Ross Billington]

Hi BiggerPockets!

This is my first post here and am very excited to get into the world of real estate investing. Having read several of Brandon's books and started doing research on several areas around my town, I came across what I believe to be a great deal. However, as this is my first forte into real estate investing, I am worried if I am biting off more than I can chew.

Here's the situation: a real estate broker (who is a great friend and realtor) has found an 28 unit, 3 building apartment complex for me in a C+ neighborhood that an elderly couple is looking to offload from their portfolio (however their company would still manage the property should I so choose). One building has been refurbished, with the other two having about half of the work done. They are asking for $350,000 for it all. There are currently 9 residents each renting at $650. I'm calculating the rest of the refurbishment costs but am wondering if this might be more than I can handle and am wanting some advice. I know that a 32% vacancy rate is high but my potential plan would be to finish the refurbishments and then obviously rent out the other 19 for around $650. Any advice, tips, or tricks would be greatly appreciated! Thanks in advance!