Help me structure this deal! or talk me out of it!

[Richard Floyd]

80 unit apartment
community consisting of 10, 8 unit buildings in a
neighborhood setting. , the apartments
offer easy access to Interstate * and Interstate
* and shopping within walking distance while
still remaining in a quiet setting.
One of the apartments has been converted to
use as the management office, bringing the current
number of rentable units to 79.
Units are 850 sq ft with 32 units having gas
forced air heat at the tenants expense and 48
with gas hot water heat at the landlord expense
The property is currently renting at just below market but has enjoyed consistently stable and low vacancy rates.
A 30 year assumable note maturing in 2036 for 1.7 MM +/- is available as part of the financing package.

Scheduled Gross Income

$545,100

Effective Gross Income $523,296

Net Operating Income $236,250

Asking price is $2.5 listed for nearly a year, investment "group" disolving