Buying Older Building

[Account Closed]

What do you think of buying an older apartment building? Can this work for long term cash flow? They seem to be lower priced and what I can find. Newer ones are rare to be on sale and cost a lot more. I've been looking for my first larger building (10-12 units). Currently own 2-units and SFHs all built in the 80s/90s.

I toured a 10 and 12 unit building recently and they are built in 1950 and 1970. 2bd and 3bd units. Utils, HVAC, and water heaters are modern and separate on each. Rents are low by around 100-200/ unit. There is plenty of value add left. Location is decent, small town, yet close to city, jobs, and everything that's needed. Little to no crime. Fully leased.