Help me analyze this deal- 30 unit Apt Complex

[Stephen Jones]

I have a 30 unit apartment complex deal on the table, and I was hoping to get some feedback from my fellow BP members on whether this deal shakes out or not... Here are the details

- Consists of two old buildings, extremely old, early 1950's, but with a little TLC it could be a very cool place. Building structure is very sound. 

Asking Price- 1.2 million

15% Downpayment- 180,000$

Interest rate- 4%

18- 2 BDR 1 BTH

11- 1 BDR 1 BTH

1- 3 BDR 2 BTH

Rent Roll- 225,000 (Including laundry)

Expenses- 

Trash- 2800$

Water- 9500$

Utilities- 21,000$

Taxes- 23,000$

Ins- 11,000$

(Washer/Dryer hookups in half the units)

- This is located in a smaller town in Illinois with a population of 12,000 people. It is about 25 mins outside of the St. Louis Metropolitan area. 

There is some rehab involved as far as the roof, old air conditioners, a few water heaters. Nothing that needs to be done right away but my guess would be around 30k in rehab costs.

If there are any questions, please don't hesitate to ask, I hope I left enough information on the deal to get some type of feedback, any would be appreciated! Thanks.