4 plex opportunity

[Patrick Rowe]

I have an opportunity to buy a 4 plex unit for $47,000 in a c class area. The rehab will cost around 35,000 to complete. This same property sold for $185,000 a couple years ago. The real estate agent tried to pull some more recent comps but they didn't have any. She had to pull comps that were 10 to 15 miles away. This seems to be good deal but I'm concern that because their is some new apartments being built on the next street. I would like to get some opinions from some experience investors on what you would do.