8 unit in escrow. Is it a good investment?

[Keith Marble]

I have been reading and learning a lot on these forums lately. After a few months of looking I have my first deal in escrow.

8 unit Annual Rent Income = $29,832

Annual Expenses

- Utilities = $2,700
- Insurance = $320
- Property Tax = $2323

The units are less than 300 sq/ft. Tenants pay their electricity. 

It will need a rehab of each unit. They are old and not appealing to the caliber of tenant that I am targeting, mainly college students. I am estimating $5,000 per unit. Once each unit is complete I could increase the income to $38,000. The roof will need about $18,000 of repairs (rough estimate) in the near future because of deferred maintenance by the current owner. Once I have an inspection I will know more of any other deferred maintenance. The property in its current condition is a C in a B neighborhood.

The price is $195,000 and I have 25% down.

Where this is my first property I want constructive criticisms and analyses from more seasoned investors. Do you have a similar experience? Was the result good or bad? Please tell me about it.

Thank you,