First deal here in kansas potentially. 1.1million Help Please

[James Chambers]

So I'm new to the multi-family arena.  I spoke to a few agents and brokers and let them know my interests and what a had for a down-payment and  this off market deal was presented to me:

24 units selling for 1.1 million.

seller is carrying 300K @5%  with 30yr am and a 5 yr bubble payment

100k from me

700k for bank @5.24 with a 25yr am

$600 a month with a 92% vacancy rate annually. Its near a college so the summers it usually has a few vacancies. currently 100% occupied since school is in session. when I first got the info it had four vacancies in July. rent hasn't been raised in 9 years. 

the Current NOI is 113K

built in 1976 buy the guy selling. Currently 80 something and is willing to stick around to help since he lives on block. Property is in need of mild repairs. The gutters, landscaping, and sign fell down a few years ago and he never put it up.  parking lot is the same since inception s its all spider cracked and the cement sidewalks are cracking also. The HVACs are the same since it was built. that have been well taken care of but.... Inspection said they were in good shape. roof was replaced 3 years ago on both buildings. 

Any advice? Questions? I'm a firm believer in you don't know what you don't know so I'm looking for outside analysis. If you need more info let me know.

Thanks James C.