What would be a steal?

[Mitch Bernay]

Hi everyone! I currently own rental houses and want to make the jump 20 unit building, four of which are commercial spaces. This is a what would you do question: The building is 100 years old and mostly made of 1 bed apts that are fairly run down, and renting for 350 to 450/mo. The tenants are all lower middle income and seem very content. The building is 24000 feet with lots of hallwys and public areas, and typical 1 bedroom is around 750 sq. ft.

Note: this would be a cash purchase with no debt.

Calculated the NOI of $31k as follows:
Gross Revenue: $101,000
Taxes, Insurance, Utilities: $27252 (verified)
All told, the Gross Revenue is $101,000 per year. Having veriified the utilities and taxes and insurnace, and allocating $27,252 (verified)
annual repairs/upgrades $20,000 estimated
annual upkeep, paintining, etc., $12000 estimated
parttime maintanece man $6000
All told: about 69K
My CAP rate, if using the asking price of 265K would be 12%

Note, I could own that building 20 years and never ever be done with upgrades and improvements. I live 12 blocks away from the building and would manage it myself.

So, wise people, assuming the future looks like today, what would be a steal of a deal for this property?

Thanks!