60 units in Ohio

[Uwe S.]

Please analyze these property:
60 units in 5 buildings, 24 one bed / 1 bath, 36 two bed / 1 bath. Ask price $875k, 92% occupied.
Income and expenses you can find in the excel file http://www.a-l-a-g.com/realestate/crest.xls, this is the property cashflow analyser from biggerpockets. All expenses actual (August 2009) the income is with 15% vacancy.
Last appraisal was 2008 in October for $1,2 million.
New windows in all buildings.

What do you make of it?
Thank you.

-Uwe

[Will Barnard]

On the contrary, the red tape is an opportunity! As it scares Mr Investor away, so too will it to others placing you and a cash offer in a nice position.