Should we make an offer? Help with a fourplex deal

[Mike Halpert]

We are looking at making our first fourplex purchase as we are in a unique situation. We currently live in one of the units, but the landlord is looking to sell the building. It's located in a HCOL area with 10/10 top tier schools, which are the primary draw to many people in this commuter town.

The market rents in the area about $3000 per unit, or $12k per month.  The current rent roll is $9750 (including our apartment). Many of the current tenants have been in the building for over 20 years, and they have kids in the school system - making it difficult to either significantly increase rents or not renew their leases.  

The ask on the property is $1.6M. We think its worth about $1.4-$1.5M. The apartments are in decent shape and wouldn't need any significant repairs or improvements beyond whats budgeted.  All of the deal specifics are here: https://www.biggerpockets.com/...

As this is our first house hack purchase, we would be appreciative of advice.