6 Plex, should this be my first apartment building?

[Richard Floyd]

Hello, I've been spending some time reading in this forum and decided its time to ask a question. I am looking at my first real "commercial" apartment building and like most things I'm starting off small... 6 unit building, I own a 4 plex, 3 duplexes and several SFH's, so I'm not totally new to the game, but all the previous properties I bought at deep deep discounts, all foreclosed, all cash deals, all in terrible awful shape, all are now rehabbed beautiful and cash flowing very well.

So this leads me to this 6 plex, its in an area I already own duplexes, I finally this week contacted the owner, turns out he's ready to sell, hes owned the property since 1981 with his brother, his brother is 10 years older then he is and can't do any of the work anymore. so... What he wants is 180k 25% down with a land contract 30 year amortization at 6% the rents are low, real low, 5 units at 520, one unit at 450, $3050 a month total, taxes are $4869, its a decent brick building with little deferred maintenance. I asked for a break down of expenses but don't have anything back yet. I think the rents could easily be increased 10-15%. I know there are a lot of other costs to consider so I'd like your input as to what I should be asking about. I also know the terms aren't the greatest and I plan to negotiate those, he won't accept cash, and doesn't want a large down payment or early pay off, where do I begin? Thanks