4 unit MFU from a community

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There's a 4 unit multifamily unit near my work in PA. There are also about 20 buildings that are very similar that are 4 units in the same area. In the past, the government built all of these units for shipyard workers and now they're being rented out to civilians. The 4 unit's number looks good, it is going for $185k, total rental income is $2310, which they are all currently being rented out. All units have separate heat gas, hot water, and electric. The area isn't too bad. Technically, I have to live in one unit to qualify for the tax credit, so that'll bring my rental income to about $1750. The thing is that behind these other properties that are being sold is another private invester bought out about 20 buildings and plans to renovate all of them to 1-3 bedroom units from bottom up. I'm guessing this will increase value in this property? Also, will I have to "raise the par" as in cosmetics, services, lower rent to compete with these newer apartments? Buying this property around other property in this community, will there be a lot of competition for tenants? Thanks!