37 Mulberry - why is it a bad deal?

[Neil Timmons]

Greetings,

I am a new investor looking for his first deal.  I found what I think may be a good deal but I am highly skeptical.  Can someone comment and fill in the blanks as to why this deal isn't a good deal?  

37 MULBERRY 37-39 St HAGERSTOWN, MD 21740

MLS# WA8756783

Price: 160,000

Gross Income: $30,600

Reported Expenses: $12,000

4 rentable (and currently rented) units upstairs, 2 additional units available after egress windows are added

ground floor is rented to a business which needs rehab into residential units (not zoned commercial). 

I observed the property.  While I am not a licensed inspector, I did not see foundation damage or brick damage.  Some cosmetic repairs are necessary and the 3 car lot needs refinishing.  The agent does not know the condition of the roof, but (again, I am not an inspector) visually it looks like there are no issues.  

Why has a unit that apparently cash flows well with lots of room to rehab been sitting on the market for 48 days?  As a new investor what am I missing? What other red flags have other investors seen that I should pay closer attention? 

Thank you in advance for your time, 

Neil Timmons 
(currently still looking for his first investment!)