1st deal - 6 unit apartment building...HELP

[Brett Wagner]

So I've made a few offers on single family and small multifamily and as I was looking at another, the owner pulls up to the house and we got to talking.  He had 2 other properties and since I was looking at this one as an investment, he tells me about this apartment building he wants to sell. For what it's worth, I've never been a landlord.

Details:

6 unit apartment building

fully occupied with 5 of 6 tenants being there 10+ years

owner admitted to not really taking care of the place except in "really bad" situations.

hasn't raised the rent in 12 years (tenants are paying $300-$500 PER MONTH less than comparable apartments in area)

Tenants pay electric. Owner pays water.

Believe it or not taxes are $1100/year.  I triple checked.  That's $1,100 per year.

Asking $130,000.  yes that's correct also.

Monthly income $2200

water bill approx. $200/mo

Any words of advice/caution would be appreciated.