First investment property- advice needed!

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Hi everyone,
I'm new to the site, and I'm analyzing my first deal. It's a 3 unit with great cash flow. It will bring in $32K per year after expenses. There are 2 issues 1) it has knob and tube wiring that needs replaced (I'm going to try to negotiate a lower sales price due to this) and 2) the new leases don't start for 10 months - it's a college rental, and they need prior approval from the school, which happens 8 months in advance, hence the delay. Carrying costs for ten months total $16,000. Is the great cash flow worth the carrying costs? The longer I wait to make an offer, the lesser the carrying period- would you wait? I'm in need of some advice from the experienced here. Thank you!