Quick and dirty in Upstate, NY

[Patrick Strain]

I live in a very small village in Upstate, NY (Gilbertsville, pop. 373). I own a six unit building here, but the other landlord in town wants to sell his building, and retire. He's owned it since 1978. It has four 1-bedroom units. All are decent sized, but none of them have been updated since he bought it. That being said, all four apartments are livable, and occupied by long-term tenants. Little old ladies, to be specific. He offered me first whack at it before he lists it. 

His asking price is $143,500 (welcome to rural NY).  

Insurance: $2500

Taxes: $3500

Annual utilities paid by landlord: $2300

Current monthly rental income: $1825 ($21900 annually)

The building is dated, but structurally sound. No leaks, no imminent huge expenses. I'll be financing traditionally, and putting 25% down. It seems like a good deal percentage wise, but the rents are low. Typically, I like to buy properties that aren't occupied so that I can bring things up to date, but I'm not sure I can kick little old ladies out.