35 Suite Apartment Advice

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I am in need of some advice on a piece of property that my friend and I am looking at. This would be our first multiple unit purchase.

My question is regarding whether the numbers work out to be a reasonable and sound investment considering the criteria provided.

35 Unit 3 Level Apartment Building
Price $2,550,000 15% down
Age - 40 Years

Annual Income - $336,502
Less Total Expenses - $158,954

Net Operating Income - $177,548
Less Morgage Payments - $141,720

Cash flow - $35,827($2985/monthly)

Some addition info

High efficiency HWG boiler in 2006
High efficiency domestic HWG boiler in 2006
Thermo windows
Updated lobby
90% new fridges
State of the art security system
17 x One Bedrooms
18 x Two Bedrooms
CMHC insured
7.0% CAP Rate
21.9% R.O.I.
Existing first mortgage of approx. $1,929,679 @ 4.34% pays $10,819 P&I /month due December 2010