7 Unit To Start With

[John Varner]

I have been on the lookout for a good first rental purchase in the OKC area.  Was looking for multi family and came across a landlord looking to retire, selling a seven rental property for $89,000 outside the metro area.  6 units rent for $400 and a house rents for $700.  Not sure of condition or current tenants, but is it crazy to actively pursue this one for a first property?  I'm thinking even if I had to put 20% and about $50k into updates, this still brings in $3100 a month in rent, leaving about $2000 after expenses.  Thoughts?