Help me pull the trigger

[Casey S.]

I have some current rentals but they are what I would call low risk low short term return (college student houseing in good longterm hoods)with high appreciation potential. I manage these myself on top of a 40 hour job and it really isnt too bad. These have been great so far and they usually give me back about $100 a month each above cost. From a numbers standpoint everything I have read here would scream stay away from these.

I just had an offer accepted for a 4-plex in an area that is about one step above a warzone. Their asking price was $75,000 and I got them down to $64,000. There are currently four leases signed at $500 each (realistic rent in the area is $450). It has 3 of the 4 A/C units new. It needs a new roof. The insides are good considering who lives there and the age of the building (1980). My monthly utility cost will run $180-$240 per month. The current property manager is getting $250 a month for the building and has a good history of keeping them rented. Ill be financing for 15 years at 6%.

Does this look like a property that you pros would jump on? I think the numbers are there but I'm not sure if the type of tenant is worth it.

Thanks!