4plex that doesn't meet 1% rule

[Theresa Reynolds]

So I found a 4plex in my area that I am thinking about buying: 4 small units (1bdrm and one is a 2 bdrm), 3 garages rented out seperately, Neighborhood is a C+/B-. Renters are in place and have been there for 3+ years, however they are low income and not sure if they'd stick around if I'd raise the rent. 

Facts: Asking price 249k, total rental income 2,105$, 

The rents could be raised a bit to total about 2,400 without doing any updates. The property is old but in tip-top shape. Except the one basement unit is a dungeon, pipes sticking out everywhere and nothing can be done to cover them because the ceiling is already too low. The top units are in good shape, could use some updates though.

Good deal or no?