Need advice before purchasing a 14 unit complex

[Lauren Griffin]

I need some advice please! I have bought and sold real estate for the last 10 years and I have created a small rental portfolio. I am looking at purchasing a 14 unit complex that was inherited by a brother and sister. They do not have the time to manage the complex effectively or efficiently. They have high turn over and are fairly slow in trying to secure tenant when they have one or two vacant. The income a month right now is only $6,100. I can purchase this complex and my monthly payment to the bank which would include taxes and insurance would be around $3,600. Other monthly expenses are only a couple hundred dollars a month.. i.e $80/dumpster fee, $34/utility, $200 misc. Also I need to account for vacancies and maintenance. I know with my experience and my staff, I can turn these units around to generate close to $8,000/month before any expenses are paid. That would be my 5 year plan. 11 heat pumps are going to need to be replaced very soon, and that is $2,600 each. With that future expense in mind and knowing that each unit will need upgrades when vacant so I can turn them around and ask higher rent... I am still interested because I see the potential income. I want to buy and hold this complex, and have it in my portfolio as a retirement investment. What do you think? Good investment? Or no?