Analyze this deal. - Please help

[Dave Nelson]

Hey everyone. I'm new here and working on my first deal. I'm under contract on this deal with the inspection scheduled for this weekend and due diligence window ending on the 15th.  I would very much appreciate your input. 

Here are the deets: 

Six unit commercial building. $280,000k. We were able to secure a commercial loan at 75% LTV. We plan to pay the remainder with a. HELOC.

Loan is at 4.25% fixed, 20 year due in 10. 

HELOC is 3.5% variable.

Units have historically rented at $650 for the 4 1B/1Ba, 700 for the larger 1B/1Ba, and 800 for the 2B/1Ba

I'll be using property management as we are investing out of our town. I plan to recoup some of the PM cost with transitioning the leases to tenant paid power bills. Current owner pays all utilities but the building does already have 7 meters. Owner paid $3800 in electrical last year.  

Currently, only 2 units are leased. with four vacancies coming in Feb. and March.  P&L sheet from the owner shows about 86% occupancy over the the last 2 years.  

One thing I'm concerned about is that the current owner self managed the property and can't find the lease for one tenant that has been there for 10+ years. He says they are on "month to month" but doesn't have a copy of the lease.  

Would love your thoughts.  Many thanks in advance!