Thoughts on this 16 unit apt in Mississippi

[Kyle D.]

$550/mo

6-12 mo leases.  avg. 1 turnover a month (averaging over past 24 months).

$91K gross (~90% occupancy)

$22k expenses (taxes, insurance, water, sewer, trash, electric)

$5k in repairs (~5% of gross)

$9k mgmt expenses (10%)

$54k net before note

($95k down) 380k loan @ 4.75 for 20yr is 29k/yr.

$25k noi ? 

i have talked them down to $475k. i am hopeful to try and end up at $460k.

new roof last year. option to buy 2 acres adjoining for possible additional building ($50k) - thoughts on that? zoning is lax in this county - i'm sure they would approve another 16 unit.

any insight would be great.  this is my FIRST attempt to go all the way down the number path before I pull the trigger on my first rental property.