36 unit apartment complex ADVICE!!!!

[Paul Fagot]

Hello BP, Something has came to mine and my partners attention a day or two ago and were just looking for either help or advice! We have gotten in contact with the owners of a 36 unit apartment complex. (18, 2 beds 1 bath) (18, 1 beds 1 bath) it needs lots of work and comes with an extra acre i believe. ARV we believe is from $900-1.1M.

They want $460k and we also have a contractor we've been in contact with who the owners got ahold of and he says he can get the place up and running for $250k (with out hidden things like more permits or hidden issues) so we say with that, close to $300k. its right next to the freeway next to a Days Inn and a chevron. the location/ City its in is alright but low income area. The contractor explained to us that since the city is a low income area that the government would put or pay for peoples rooms/ Rent and could generate $22-30K a month. Also says he doesnt know why the owners just dont just fix it up and do that lol 

We are just wondering since this is the first big project that we've come across what should we do really? wholesale it? buy it fix it up and rent it out? or what? Any advise would be greatly appreciated! thanks BP!!!