12-Unit Opportunity currently owned by a bank

[Kris Fox]

Bank owned property for 5 years. Been under property management for 2 years. Currently only 2 of the 12 are occupied. It has a new roof.   Current rent on the two is $425 each.  It can easily support $550 rent once some improvements are made. I asked why after 2 years of management only 2 of the 12 are occupied and the manager's response was the owner hasn't wanted to invest to get them rent ready.  The manager also says I'm the only one that's called asking about it so far.  Asking price is $162,500.  

If we go really crude here, $550 * 12 units * 12 months *50%.  $39,600. It seems like a good opportunity. Do I tie it up at $162,500 and proceed with due diligence?