Need advice On A 5 Unit Property In A Depressed Area

[Jim K.]

hello,

I'm new to REI but I think I found a pretty fair deal in a depressed area. I found a 5 unit building 4 1 bedroom 1 2 bedroom.

Total rents $2275

Taxes $150 

Ins $90

Gas $182 budget plan

Water $50

Trash $35

Sewer $50

Electric $50 

Maintenance $150

All of the units are outdated but appear very solid.   The building will need a new roof and a new furnace in the near future.   I plan on using the  need for roof and furnace into negotiating the price.  

I guess that I'm looking for advice, comments, anything I'm missing.   Than my next question is how do you feel about investing in depressed areas.  The value of the building will more than likely increase by very much and of course I'll have to deal with the tenants and what I believe to be a decent cash flow for my investment.   

Finally  the property is about an hour drive one way from where I live which doesn't bother me but figured I needed to add that.   What should I do run to the bank for the lown or forget about this property all together.