Should I or Shouldn't I? - Help with analysis.

[Chadd Naugle]

Okay this is an odd ball.  I seem to find these oddball deals - Anyhow the property is an old grocery store that was converted into 3 apartments.  However it is zoned as residential 3 unit, yet it would never be classified as a "house".  It is located in an lower income development, which keeps the rents low.  

Price is $89,000 - Monthly Income $1545

Cash ROI = 41%

Total ROI = 47%

When I look at the numbers it seems like a no brainier with these kind of returns, but I also am thinking I am going to have lots of turns, and headaches.  The units look in decent shape, just all white walls, decent kitchens and bathrooms, but definitely not luxury appts.

I figured I would get no appreciation, and was okay with that, since the cash flow would be between 600 and 800 a month, with a relatively small investment. The difference in cash flow is with or without a property manager.

Thoughts?  I know I am not supposed to buy junk, but this is probably somewhere in between...Not really a value play, just a solid cash flow scenario.