Help me analyze this deal

[Chris Svendsen]

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Have building under contract.  Did property inspection found a few small items that need addressed but nothing major.  Building owner currently pays utilities and with some unit using electric baseboard heat bills get pretty high.  Plans are to use existing hot water heating for other parts of building and update lighting to LED to lower bills.  Future would bill electric and water back to tenants but for first year they already signed leases with current owner with him paying bills.  I am self managing for now and doing repairs so techinicaly those expenses will be paid to myself.  What are your thoughts? Is this worth the risk to make money in future?  Student housing hard to come by and get approved through town so is more valuable in this area, plus is an apartment so falls under different set of rules in accordance to students.  But still 3 vacant rooms at $475 each to fill so as is now I could stand to loose money. Give me honest truth, should do this deal or not.