Buy one APT in a complex?

[Ryan Schuler]

I have a question: What would be the benefits/drawbacks to purchasing one apartment in a long stretch of apartments?

I have noticed a few 2 bedroom, 1 bath apartments in a revitalizing area near me that are for sale for around $28,000 each. With about $5,000 in repairs this property could probably earn $530-550 a month. With a conventional loan, 20% down, at 5-7% interest, with my repairs taken into account, and 10%vacancy rate, my formula spits out a Cash ROI of 17-20% (J Scott SFH Rental analysis).

I have looked at one of these apartments before when I was looking around for myself to live in, however I didn't like the inside of the apartment I was looking at. If the numbers seem so good, what are the drawbacks to this situation? Would this be the same drawbacks as a condo or would it typically be different?

Thanks!