Should I move forward with this deal or not?

[Tim Sutton]

Hi BP Team, 

I recently came across a deal for a 4 flat multi family property on Chicago's South Side. The owner of the property is willing to sell the property at $115K with a $3,500 closing cost credit, along with an additional $2,500 for repairs. 

Overall the place is in fair condition (No new appliances or Cosmetics) however, it's already fully rented with one vacant unit for owner occupancy. The building however has old fuses in the electrical box panels and the entire HVAC system is outdated and will probably have to be replaced soon. The apartment has 3: 2bed, 1bath -$700 each and 1: 3 bed, 1bath approx $800. So gross income will be around $35K (Best Case Scenario). Its a frame building also which will more than likely need to be sided in the next 5-8 years or so. 

I was curious to see what the BP community about this deal and if should I move forward at these numbers? If not, WHY and at what price would you buy this building as an investor OR would you pass completely?

I would sincerely appreciate any insight and or advice in advance!

Kind regards, 

Tim