Is this a good deal.. please help

[Leon Henry]

I am sure this maybe a small venture for must but i am hopeful in getting some advice on this Comercial deal..

It has 6 one BR apartments and 2 store fronts. Each unit has its own electric ht/hw, so tenants pay their own utilities. In a downtown area, however its a depressed area with high substance abuse in the city. However i do believe things will turn around eventually. 

The buy in for 50 percent ownership is 50K. 

The property is almost fully rented however i am concerned with who the tenants are..

Property could use somewhere around 20k of work.. 

The property was recently listed at 400k for 6 months but did not sell. 

Rents are $600 including the store fronts per month..

My concerns are no parking..

Rough part of downtown.. but i still like tje location.

Does this sound like a good by in? 

The balance of the mortgage is 320k...

The owner seems to have purchased way over value at 450k a few years back..

I part of the partnership would be me doing most of the property mgm.

The mortgage financing is already in place and at a great rate.