Is this 32 unit syndication offer in SC a 1 trick pony?

[Francis Maude]

I've been offered to invest in a syndication in Summerville, SC. This is my first time so I want to be careful that the fundamentals have been appropriately considered, particularly with the COVID situation.

In a nutshell:

Deal is a 32 unit, B-class

Purchase price roughly 3.1m, the raise is 800k. 50 k minimum

31 units occupied (all month to month) - seller is guaranteeing occupancy of 95% for 12 months (cash in escrow). 

Purchase cap is approx 5.7, exit cap in 7 years is projected at 6.5 - 7.5. 

Estimate average rate of return over the 7 year period: 19%, IRR: 16.8%

All units were recently renovated so limited value add from that perspective. The deal is underwritten with the value add coming from management efficiencies, back billing of utilities and rent increases - units are under market rates by approx 15% (according to Costar reports of comps). The area has some good infrastructure and jobs growth in the pipeline so seems positive from that point of view. 

Important to mention that other investors in this deal are reputed investors in the MFR space so that gives some credibility (deal Principle is Stephen Pack - ‎Armadale Capital Inc. and others are coming from an investor group of Brad Sumrok), however I am just concerned that this deal is a 1 trick pony.

Thoughts or other questions I should ask the syndicators please! 

Thanks in advance.