Old Hotel into apartments, Should I buy?

[Buck Dabill]

I have an opportunity to buy an old hotel built in 1952 which has been vacant for 30 years. it is a 42 room hotel on one level 13,000 sq ft. Cost looks like 30k. repairs are estimated to be 850,000. we plan on turning it into 2 bed 2 bath apartments and some single bed single bath apartments. gross rental income would be 10,000/month. I estimate the ARV to be 1.5 million. The property sits next to the main road and has extra space to build a 8000 sq ft building if desired. Would this be a worthwhile investment. I have been a residential contractor for 30 years, this would be my first multifamily investment. Any advise or opinions would be much appreciated.

Buck