Help me analysis this deal

[Tracey Williams]

I found an apartment complex that is been foreclosed on. The last owner paid $3M for it a few years back.
- 100 units that is 60% occupied
The current rent is $520/units. The asking price is $1.3M but because am going to be using private money or equity partners, I want to be sure what price to offer.
It's in a nice location, 10 of the units that are not rented needs complete rehab while others needs cleaning and painting. The rehab estimate is properly going to be around 100k. The inspection report shows the roof can still be good for another 10-15yrs.
The occupancy rate with other apartments in the area is around 75% - 90%
I have tons of documents from the seller that I do not understand and will really appreciate anyone willing to help me understand it. I'll be glad to PM them to you. The bank is trying to employ a new management in place.

My questions is what will you offer for this property? Jon and others with broad understanding of the 50% and 2% rule input will be greatly appreaciated.
Thanks