What do you think of this Las Vegas deal on a 10 unit property?

[Nat C.]

Purchase price: 233K

Repairs and updates: 5k

Location: 'Gateway District' - 2 minutes walk from Las Vegas Blvd near and 5 minutes north of Stratosphere Tower/Casino.

Comprised of 10 one bedroom one bath units. The property consists of one two-story building of block construction. There is an on-site laundry area and completely enclosed sitting and patio area within the fully fenced lot.

8% vacancy rate in this zipcode.

Surrounding rentals are around $400 for a one bedroom unit.

I would appreciate some feedback on this deal.

[Tiger M.]

Depends on your goals. Downtown apts. are a grind due to lack of quality tenants and the high cost of maintenance on old run down properties. galvanized pipes in these old places are a nightmare. Do you have long term plans for it other than apts?