My landlord is retiring and I want to make an offer

[Caleb Silvers]

I have been living in a small multifamily complex with 6 units. 1 quad and 1 duplex. It is a VERY old property and needs full rehab. I was considering getting the quad on a FHA 203k loan and getting an investor to help with the duplex. The property is in an Amazing location in a very fast developing area with a serious need for affordable rentals. I am paying $500 per month for a 2 bedroom. The next cheapest rental nearby is $975 for a studio. The current income from this property is $3000 with the potential to be $4500 and still be the cheapest by far nearby. Assuming it needs $125,000 in rehab and I could purchase the property for $150,000 it seems like a fool proof plan. Any thoughts or advise?