Is this Multi Family a good investment?

[Mason Scholtes]

I'm looking at a Multi family (2 houses with a total of 11 units) being sold for $115 in PA.  I'm not very familiar with PA but what I've looked at online it seems rents are from $550-900 a month.  Both houses are in need of significant remodeling.  

My plan is to purchase and then put about $125k into remodeling the properties.  It should take in $7000-8000 a month when completed.  I will have $240k into the property and will then look to take out a mortgage to recoup my investment.  
I'm new to rental properties and want to make sure that I'm not over looking something that will hurt me in the long run.

I feel like it would be very profitable and want your feed back.

$240,000 invested with a couple months of me doing most of the construction work and then cashflowing $4000+ a month.

Am I at risk of not being able to attain a mortgage when I complete the BRRR? There is a college near by and its a populated area, am I at risk of a high vacancy rate? Thanks