First MultiFamily Opportunity - Next Steps?

[Matthew Allen]

I've been able to pick up 3 SFRentals in the last year. I've been looking for Multi-Family opportunities and came across an older 8 unit apartment near a college campus. All of them are 2 bed/2 bath units. The units are rented under market by the elderly owner and has been poorly managed overall (stated by the Selling broker). The property is older 1982, but looks to be in pretty decent shape. Here are the prelim numbers I was given. What information do I need to seek out next?

*100% occupancy Revenue would be $64,800, but with unpaid rents, evictions, etc. he collected $35,962.50

*Expenses: $24,053.07 (Insur $4,830; Maint $6,745.03; Tax $12,069.70; Util $408.34)

*NOI: $11,909.53

There are outstanding rents owed on 6 of the 8 units...but I don't know the story yet (a $7,105.12 eviction; b $1,350; c $675; d $4,450 vacated; e $7,545.38 eviction; f $8,152.50 eviction)

Current rents are $675/unit and should be around $800-850.

CAP Rate appears to be 7.00 based on other properties listed in the area.