Help analyze this 10 unit apartment complex.

[Toben B.]

Help me decide what this is worth. 10 apartments.

10 - 2 bedroom - 1 bath units rented at average of $500 a month. $485-$525.  

Tenants pay electricity but water is free and water bill averages $500 a month. 

This is a B- / C+ property. It is in a good location, but is a little ugly and needs some paint. 

Parking lot, roof, and everything else look good. 

Rents are close to market - maybe I can push them a bit to $550, but the real savings would come if I choose to submeter the water.  In my city tenants don't appear to recognize the value of free water so I could easily keep the rents or raise a little while billing all the water back.  However this is likely to cause some existing tenants to leave. 

Apartment was built in 1965. 

Can I get a guesstimate based off the information provided?

I will assume a 92% occupancy based off my experience renting duplexes in the area. 

So $500*12 months * 10 units * 92% rents collected give me $55200.

Expenses are:

Water - $6000

Typical Repairs - Estimated $1000 per unit or $10,000.

Taxes - estimated at $3000

Insurance - estimated at $2000

Legal - estimated at $1000

Property management @ 8% = $4416

Lease ups @ $250 a unit = $3000.

One time outdoor painting. $5000.

Net Income = $21,784. 

Is this a decent estimate based off other people with smaller apartments?

I know it would be if I treated it as 5 duplexes. 

Thanks for your help!