Small 4plex deal: What would you do?

[Jarred Black]

I've been presented a 4plex deal by one of my business partners. Each unit is 1bedroom shotgun style around 650sf. The building is vacant and all 4 units will need to be built out. The building is around 85 years old so our contractor is planning on framing out each unit with new drywall, electrical, plumbing, and flooring. The roof is in good shape. We already have all the materials from past projects. Each unit will cost 2500-4K to update. It's in a C neighborhood with a blue collar, industrial economic base (steel mill, trucking , etc) Rents should be 350-400 per unit. Taxes are 1400/yr. Our purchase price is 9K. This is a 50/50 deal. What would you do?