Investing in HUD property / C-Rated Property? High Risk?

[Val Saph]

35-Unt Property on LoopNet in Cleveland for $1.1M.  Been posted for a year so that's probably a good sign it's a bad investment but I wanted to run it through you guys....

This would be my first MF property in OH and I am from MI so I'd have my PM company manage this property too. Speaking to my local property manager, who would also service this property - he says to stay away, that the REACs will kill you and you won't make any money. The numbers work if they're accurate, HUD pays 84% of rent and it's 100% full with a waitlist for tenancy. What am I missing here that a majority of investors would shy away from?

https://www.loopnet.com/Listing/8500-Superior-Ave-Cleveland-OH/14443017/