First Potential Deal

[Edwin Brown]

Long time single family investor looking at my first commercial deal. Tell me your opinions.

110 unit complex taken back by local bank. The area is "B" class. Bank is willing to take back purchase price as financing at 1.8 million and the property needs about 500k in additional renovations to get all units up and running.
730,000 gross rents

-73,000 vacancy/collections
-20,000 insurance
-50,000 taxes
-40,000 management
-60,000 utilities
-90,000 repairs, maintenance capital expenses
400,000 NOI

basically a 10 cap property so probably worth 4 million.

Looks to me like we can be in a 4 million property for 2.3 million with 500k out of pocket. Is this a standard deal, bad or good?