150k 12 unit C class property. Are C's a good idea?

[Patrick Watson]

Hi everyone, 

I'm a newb looking for some advice. I have come across a 12 unit property I believe I can get for under $150k in an older neighborhood, the building is also pretty old and in bad shape. I think i can get it back to a decent level of living for any potential clients for between $125k - $175. Let's just say I would be all in around $300k barring any major issues. It's 12 units! Rents in the area are $600 and up. From what I am seeing, this seems like a no brainer. There do not appear to be many investors in my area, else I would think this would already be snatched up just for the ARV alone.

What am I missing? Neighborhood is low crime, demographics for the area are mostly younger people with some college, many young couples in the neighborhood but not terribly close to schools. It is walking distance to restaurants and other entertainment. I am just leery of the deal that seems too good to be true. I know the rehab will take many months before I see the first tenant, still seems like a good deal though. I welcome your thoughts!