21 apartments in 80 unit development - request feedback

[Tom Butler]

I have an opportunity to purchase 21 apartments scattered across multiple buildings ( 80 total in the complex). All 2BR/1BA, lower income rentals at ~$575. $135/month HOA. Mid-$30k/unit so with financing, insurance, etc CAP rate comes in around 9%.

HOA has ~$30k reserves, roofs refreshed ~5 years ago. Large parking lots are the biggest other expense they would ultimately need to cover.

I want to check on a few elements of this property.

1. Any concerns of the distributed nature of the apts? A concern that jumps out to me is I can control who I rent to but others in the building may not be as discerning. There is an HOA in place but success of this property would have a level of dependency on others (~10 owners hold 80% of the properties so there is a lot of distributed ownership.
2.  The 21 have all been re-habbed and are higher rents vs some of the others.  There seems to be a fair amount of vacancy of other apartments but cannot confirm.
3.  Any other areas I should probe?

Thanks in advance!