4 family great location in rough shape..is the juice worth the squeeze?

[Kevin Olson]

BP, 

I have an 4 family under agreement in a affluent town north of Boston, very low vacancy rates and majority single family higher priced homes in the area. Property is located in a great  location with ample parking (commodity that proj. will give me additional $300-500/mo income).

Have had an inspection,  the house is old and in need of renovations for sure, to get it to rental quality my partner and I are estimating $55k in repairs, which we have into our 10 yr. construction loan mortgage (interest only for 1 yr.)

With that being said, if we use the total construction costs, or debt service on mortgage + RE taxes and water/sewer = $2,100/mo or 24,800 annually

Conservatively projected gross income= $4,050/mo or $48,600 annually

Tenant pays on electric which is heat and lights/plugs.

I understand with the 50% rule on expenses this would not cash flow ideally how I would like, however approx. $300-400/month of the income is parking which shouldn't need too much upkeep, and is 50% accurate for 4,000/mo property in income?

 Any thoughts if this property is worth it, long term or more of a shorter term fix, rent out and sell as a fully performing asset? 

Purchase price: $351,000

Gross income: $48,600

Mortgage/Taxes/water&sewer(paying on mort. at $405,000): $24,800

Fully performing (4 tenants) After Repair Value: $475,000-$500,000

I have taken into account costs associated such as cap ex, prop, management, vacancy,etc..  any advice would be great thanks!