First time investor! Need advice on an 8 unit historical building

[Cole Johnson]

Hi Everyone!

I'm looking to buy an apartment building in my home town (which is only 650 people) . I currently live about an hour away from it and have some first time investor questions. 

First of all the building is $65k listing price! Right now it has 5 units of the 8 rented out totaling $1945 a month blowing past the 2% rule at 60% of the units rented. Rent includes Water,Sewer,Trash. I have had family live in two of the units and have had no major complaints on it. It was built in the early 1900s and was remodeled im guessing 20 years ago. I know I would need an inspector to go through and tell me of the major problems and costs to fix. My questions are..

1. Would you want to pay cash for a property like this? Or do a 15-20 year commercial mortgage?

2. Since its my home town and being only 650 people (which I know most of them) is that a bad thing?

3. I would self manage possibly live in one of the units. Thoughts on this? I have a full time Job about an hour away.

4. Probably my biggest concern would be selling this in the future. I dont know if I could. Would this be an automatic no if you are concerned about selling?

5. Since its early 1900s and it has the last brick of the Towns brick manufacture could it be historical? If so is there any special tax breaks with that? Or anything else that could be associated with historical buildings.

I know I haven't supplied to much of the financials besides rent and purchase price but any feedback would be greatly appreciated!