16 Unit Complex - Is this a deal??

[Exo Dallas]

I have an opportunity for to buy a 16 unit apt. complex. 14 unit is 2/1 ($395/mth), 2 unit is 3/1 ($575/mth), tenants pays their own utilities. It's in a low income neighborhood (not war zone), no tenants are section 8 at this time.

13 of the 16 is currently rented out. So, monthly income if all filled ($6830/mnth income), monthly expenses is about $1,500 (via the seller). The asking price is $275K (let's assume I buy it at this price - which I won't). Let's assume I go 20% down and 7% rate (owner will finance at this rate). He's an out of town owner, so now he just wants out.

I live in the town and can do all the minor repair stuff.

How does this deal sound to you guys? What am I not looking at that will catch me off guard?

Thanks!

TL