12 Unit Apartment deal - Seller wants to sell with assumed Mtg

[Derrick Jordan]

Hi All,

I wanted to lay out a deal I am looking at and get others opinions on quality of the deal and of options to finance considering the assumed mortgage.

Asking Price: $1,425,000
Mtg to be assumed: $720,000; 4.68%; 5 yrs remaining on 10 yr term; $140,000 payout penalty (which is why seller wants mortgage to be assumed)
2014 
Revenue: $119,926
Expenses: $78,294 ($37,593 in repairs/maintenance)
NOI: $41,632

2015
Revenue: $129,727
Expenses: $127,815 ($83,181 in repairs/maintenance)
NOI: $1,912
2014/2015 maintenance and expenses are inflated due to renovations (windows, metal roof, flooring in common area, some upgrades to suites)

I am very new to buying buildings and have only been the money partner in the past.  
Any comments or feedback would be appreciated.
What am I not seeing?
How would you approach financing?
Anything else I don't even know to ask.

Thanks!
Derrick