Analyzing a 5 unit building

[Terry Royce]

I am looking at a 5 unit property that is fully leased, near a local college. It is an old house that was split into 5 units, and rents for about $3,600 mo gross. And has expenses around $12,000 a year (common heat, taxes, lawn care, snow removal, mgmt and maintenance (which seem low). The building needs some upgrades down the road, but seems like it could be left alone for the time being and just hold reserves if anything comes up. The building has 1 long term tenant, 3 college tenants, and 1 tenant we didn't meet.

I am trying to figure out what factors to take into account with the fact that it is an older building and will need some deferred maintenance items repaired down the road.

Seems like there could be room for a deal, the property has been listed for over 150 days, its an estate situation, and they've had no offers. 

Any input or advice is appreciated.