Feedback on deal underwriting

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Hi guys! I have a deal under contract and I wanted to get your thoughts on in. Here is the top-level info:

Units: 30

Unit size: 500 SQFT

Currently renting for $1,050 per unit (Outdated units. Look like crap) 

Current NOI: $110,000 (there's some vacancy in the building)

Sale Price: $3,375,000 

I was able to get a vendor take-back mortgage for $350,000, and a first mortgage for $2,100,000. After closing costs I would have to put down $940,000.

My Plan: 

1) Spend $820,000 (inlcudes carrying costs) renovating the units and the building. (Will take around 18 months)

2) Increase rents to +/- $1,400 

3) New NOI= $290,000

4) Refinance @ 5.5% Cap Rate (70 % LTV) = stabilized valuation of $5,272,727 (pull out $3,690,909)

5) I'm left with $504,000 with $142,363 in annual cashflow (28% return)

As mentioned, I think this project will take 18 months to complete. What do you think of the deal?