purchasing a block of units/rooms

I’m interested in any advice on a block of 25 x 1-bedroom units that I’m looking into. I’ve never purchased a block of units before and aren’t sure of any unique issues they may have.

The asking price is $595K with “potential rental” of $125 per room. If this is true, this would still give a good return even with 60-70% occupancy.

Some things I’m sure about are: “most of bedrooms have adjoining bathrooms” (so I guess that means some bedrooms don’t have adjoining bathrooms) and there is a large communal dining room and living area and commercial kitchen and rooms “suitable for communal lounge, library, internet cafe, etc”. This sounds like a youth hostel sort of thing!!

I know I need to find out: size of the rooms, how much time and money they need to get them up to functional use (if any), rental demand for these sort of rooms and rental vacancy, what the rental projection is based upon, equivalent rental prices, how many of them are currently rented (I think they’re all vacant), rates & insurance costs, CG for that type of building in that area.

Are there any other things I should be wary of, checking out or looking for? How are these things normally managed — with an on-site caretaker?

Is this something that could work, or are these things just a nightmare? And, if it could work, what would be needed to make this work?

Thanks.