Long time listing in Enterprise, AL

[Logan Searles]

Hi, I'm fairly new to the real estate investment world and have been looking into a house hack near Fort Novosel to start my investment journey. I will be coming down from Wisconsin and will likely only be living in the area while I'm in flight school. There is one property that has particularly caught my eye: a 4-unit, 8-bed, 4-bath multifamily listed for $190,000. It has been on the market for 508 days as of today, which seems like a big red flag. The current rents are $450 and are going to be raised to $475 on their next leases, which is significantly lower than the other two-beds in the area ($700-$1000). I could currently relatively comfortably invest 30k in the property to start, and have been looking at an FHA loan to finance with, but even with a good face lift, that cash flow is quite negative, especially if I am living in one of the units. Because it's been on the market so long, and how low the current rents are, would it be unreasonable to give a low-ball offer, say 125k, and then raise the rents once improvements have been made to say $800/unit? Are there laws against raising rents that much? Is this even a reasonable property? Rather than saying it can't work, I've been trying to ask how can I make it work, but I'm not sure if this is too far of a stretch.

Another thing is, I would be living here temporarily while in flight school, which is about a year and some change. Would it be better for me to wait and invest back in Wisconsin? I know time is of the essence, and I want to kick-start my journey, but with this weird buffer in time, I'm not sure what my best option really is. 

Again, I'm quite new to this, and I feel like I've built a decent base of knowledge, but I want to start off on the right foot and not make a decision that turns into more of a headache than progress. Thank you for any advice!