Need help evaluating a multi-family unit

[Amar Singh]

BP Forum Members,

I'm a new member here and starting on my real estate investment journey. I've been hunting for cash flow deals in both single-family and multi-family spaces. 

I need some expert advice as I'm currently evaluating a multi-family unit. The deal is a 20+ unit in the midwest. I understand the math, the cap rate, NOI, etc. Can someone please itemize the things I should pay close attention to for evaluating a multi-family deal? Below are few highlights:

• The unit is currently 100% rented
• Current market rents are below the average, as presented in the deal document.
• The property seems like more of value-add play which works for me as I will have time but not to manage it actively.
• There is a property management company in place

Thanks for your help and advice.