First Multifamily Lakewood

[Rahul Bhatt]

We are under contract for our first small apartment complex in Lakewood suburbs of Cleveland north of Detroit ave. cap is around 7%

Asking is upper 400k 

Neighborhood b- blue collar 

Rents are around 7k 

Wanted to get an opinion from experts is it a good deal means are we paying market Price? What should be due diligence except below

1. Inspection

2. Checking of proof for the financial p&L verification of proof like utilities etc 

3. City violation

Any more things we need to verify? Any suggestions and guidance will be greatly appreciated.We have done sfh& less than 4 unit  many times but this is the first time considering apartment building 

Thanks for your help in advance