Also, 3.5% in taxes is higher than normal (in my experience), so factor that into your reserves and your analysis.But, given the basic information, I would definitely pursue it further by doing some due diligence and putting together a more detailed pro-forma with actual expense/cost numbers and your specific financing details.

I spend a fair amount of time educating myself on the current market and especially commercial trends.My current properties do not take a lot of time to maintain and I rarely have any trouble collecting rents.Now that I have found an apartment that makes sense there has been several weeks of due diligence and understanding the market.

Depending on your experience and knowledge get somebody to help you with due diligence.  

If the prior owner was thorough and diligent, then there should have been a move-IN inspection done at the time the tenant took possession to document the condition of the property at that time.

It still was a money making endeavor, but I will from now on always sniff each and every cabinet and make sure to be extra diligent when I see air fresheners to cover smells. 

Jonathan,Don't worry so much about the Y's, just do you due diligence and walk thur the deal.

How can I help them with the due diligence process prior to presenting them the deal? 

@Joshua Carter a SIGNIFICANT portion of my due diligence and inspection process requires the utilities to be on.For instance, I run all plumbing extensively to check for leaks, I ensure that appliances are functioning correctly, I check all lights and electrical outlets for functionality & ground, we check the fuse boxes for functionality & condition, we assess the performance of furnace & AC systems, and water heaters, we check the functionality & safety of the gas lines, scope the sewer main and assess water flow, test for radon & meth contamination, and basically give the entire property a thorough "test drive"  --which isn't possible if the utilities are off.  

My long article on due diligence might help a bit too: https://www.biggerpockets.com/...

Ultimately, it pays to be aware of the risks associated with these types of transactions and to make sure you do your due diligence before entering into any agreement.