20 Unit Apartment in PA

[Johnathan Boyle]

So I found a 20 unit apartment complex in PA that is being sold by the owner's son for asking price of $325k with (his estimate) an estimate of 150k in rehab. It is a full gut job. There are no tenants in place at the moment. He doesn't have any clue how much it used to rent for. However, checking online, the rent per unit averages to about $550 for 1 and 2 bedrooms. So in theory, it could cash flow $11k (before expenses). I would predict that worst case scenario half of that would go to expenses. So my question is, I'm meeting him tomorrow to see the property, are there any questions that I should definitely ask that I am not thinking about? Thank you very much! 

[Chris Seveney]

Not sure how a 20 unit complete gut job is only $150k, when I do a complete gut job I spend $20k a unit

If there are separate heating sources you could spend $75-100k there and $3000/kitchen with appliances puts you at $130-$160k and that's before flooring and bathrooms