Making an offer on my first multifamily

[Julie Daniels]

There's a 4 unit multifamily listed at $180k. Each unit rents for $650, though 2 are currently vacant (though ready to rent), due to the owner getting a new full time job and not showing after the other people moved out, and his wife is "tired of rental properties." :) He's also semi-recently separated from the military and free to move, so he and his wife are looking to move out of the area...so...motivated seller in some ways. 

Needs a new roof, fascia, soffits - likely about $20k. (No interior damage or leaking yet, just some bowing of the decking and older shingles.) 

RE taxes $3900

Water/Sewer $2000/yr

I'm offering low - $120k, with hopes of ending around $140-$150...

I am financing it, putting 25% down and planning to pay cash for the roof, so mortgage payment of under $700 a month, (plus ~$500 for taxes and insurance - though I don't have insurance quotes...need to dig deeper on rates...that's including about ~$175/mo).

Seems like a good one to me...I'm doing property management myself (with my partner), and my partner is the maintenance guy, so we don't currently have those costs, though we're planning for them in expenses anyway. My biggest concern is the large cash payment for new roof and recovering those costs...and I don't really have that worked into my numbers...though I figured I'd consider it part of purchase price, even though I'm paying for it separately.

Thoughts? It's a B- ish area I think...suburb of St. Louis on the Illinois side. I'd live there as a single mom with my kids and feel safe, which is basically my barometer.