Several things to consider...

Looks like you are buying retail at full price. This will limit possibility of appreciation unless your area experiences a boom of employment or similar.

How does this property compare to competition?

Your maintenance costs will increase each year. If the place was just renovated you have about a 5 year honeymoon of low repairs, then things begin to break.

A mad/dirty/negligent tenant can cause a lot of damage. You have to have good contractors ready to jump in and get your apartments ready to rent.

What is normal vacancy rate in your area?

Are any of the renters related to or beholding to the current owner? Under the table back door agreements can result in immediate vacancies after closing.