$2.6 mil for 72 unit apt complex?

[Cameron Price]

I'm still new on this forum and, by no means, a pro real estate investor, but I'm looking at a deal and want some input.

Located in a town near me in a good location. It was built in 1970. Says it normally stays fully occupied. 72 units. Mostly 2/1 units with some 3/2 and some 1/1 units. Rents seem low at average of just under $500/ month. (I had a 2 bedroom 1 bath HOUSE that i rented for $700/ month is much less desireable of an area close by)

Definately needs updating. I'm guessing rents are low because the owner would rather accept lower rents than fix up the property. 

Gross rents of $418K/ year. 

Expenses $174K/ year (not including debt service)

Cap rate over 9% 

Cash on cash return of over 13% by the realtors calculations

Seems like an interesting opportunity to me, but I'm here to learn from those wiser than me. 

What's it look like from the data given? What other data fo you need to get a reasonable idea?

I cant stop thinking how much value could be added by doing an overall upgrade to the exterior and then updating each unit as it become vacant. Then raising rents $100/ unit throughout.