6 unit in a small town

[Dustin Tyson]

I've found a 6 unit complex for sale off market in my town. It's only 50% occupied, and I believe it's because it hasn't been updated since its was built in the mid 80's. Also, the property is tucked away in a B- neighborhood with low visibility. Rough estimate of improvements I'm putting at 10-15k per door in order to raise rents to at least market, which is $500-550. Current rent is $425. But, the population here is around 5,600 and has had a slow decline. Basically we've lost about 600 people in the last 4 decades which isn't terrible, but definitely not good either. There are some good jobs around within 30-45 minutes, but I'm unsure of any new industry coming to this specific area anytime soon. The hub of our region is doing pretty well and is only 30 minutes down the road. Asking price is $205,000. This would be my first multifamily by the way. What would you do and why?