Good Deal?

[Andy Young]

I am starting out in investing and am thinking about a 4 family in a c+/b- part of town. The list price is $145000. The gross is $22800 a year. There is also a 4 car garage that can be rented for around $1000 a year. The owner pays sewer, trash, and water (in my area about $3200). Taxes are $1920. The units themselves are very easy to rent, and have new kitchens. With management fees and $300 a unit a year for upkeep, I calculate a 8% cap rate (assuming full asking price). Since there are 3 other similar properties on the market in that area, I am thinking of bidding 120. Any advice?
I would need to put 20% down and get a 30 year mortgage at the going rate of around 4%. Even still, there would be a dec
My hesitation comes from the fact that the building is from 1910 (very common around here). The rehab did not include the windows, roof, one of two plumbing stacks or the furnaces. That being said, none of these systems appear to be failing. I want to buy hold this property for around 14 years (at which time my oldest will be headed to college). What do you think? Good deal or wait till the next one comes along.