9 Unit MF $200K cash offer; ARV = $285K

Seller is HIGHLY MOTIVATED and asking $250k, but is willing to take $215k with a cash offer.
Property includes One 5-plex and Two Duplex Buildings
All units are fully occupied and the occupancy rate stays at 100%.
There is a property manager who lives nearby but not on site.  He manages the property and keeps it rented.  All units pay $500/mo.  Tenants have been notified that rents will be raised to $550/mo in January.  Property manager is willing to continue with the new buyer and is paid the monthly rent from one unit for management and maintenance.
Seller pays the following:
Electric $550/mo (5-plex only)
Water $162/mo (5-plex only)
Trash $130/mo (all unit)
Duplexes are separately metered so tenants pay Electric & Water.
Duplexes have central electric heating/air and could be converted into single family 2/2 units instead of duplex.
Water heaters are all tankless electric.
Completed repairs with permits include:
New roof on one of the duplexes
New electric, appliances, & tankless water heaters on all units
New a/c units on both duplexes.
New a/c window units on 5-plex.
Value Add Opportunity:
Seller has received approval by Zoning to add 5 more units on top of the 5-plex, making it a two-story building. A variance for parking has also been approved.  Property is located right across the street from a Baptist Church and is zoned C2A Main Street Business District.