Jersey City (The Heights): In contract but having second thoughts

[Ryan Alexander]

Three-family property located in The Heights section of Jersey City, NJ. The first floor has two bedrooms, one bathroom and includes the rear yard. Second and third floors have three bedrooms, one bathroom and each has a balcony. The property includes three parking spaces and the building is presently full. There's an opportunity to upgrade the building (facade, common areas, convert first floor to a three bedroom from a two bedroom), which is why I included / attached two reports. While I believe that this is a pretty solid deal, I realize it's not a home run. BUT, as a buy-and-hold, long-term investor, it does work. Should I close the deal or cancel the contract? Really appreciate any thoughts you can share!

https://drive.google.com/open?id=19tsvXIl1VYww7iV5...

https://drive.google.com/open?id=1zxwM8svabfA-T61L...