Reposition opportunity - 110 unit building in Ottawa, On

This building is a bit of difficult to compile all the information on its history and current position.  About 6 to 8 months ago, this building had over 40% vacancy as the owner was renovating.  They have reduced the vacant units from about 45 units to 3 units (as of Nov 1, 2018).  My understanding is that there are 3 units in unrentable condition and require larger renovations.

I am having a difficult time ascertaining exact expenses, but I believe they would run in the 30% range, as the tenants pay their own hydro.  The manager has had to renovate units and spend dollars to bring the building back into condition.

I had a unaffiliated property manager I work with look at the building and with some updating, he gave me a suggested rental amount, based on his market knowledge, which would put the monthly gross at $123,000.  As you know, a sway of $20,000 a month in gross income can have a serious impact on value.  That increases your future value by $4m.  Without adjusting the affordable tenants in the building.

The Seller is asking $13,990,000 

Estimated expenses are $375,000

Current NOI would be $859,308.96

Asking cap of 6.14%

The boiler is approximately 8 years old, the roof is around 20 years and the elevator is original to the building.

In July 2016, the 345 Clarence building (80 units) was appraised for $12,260,000.  There has not been a recent appraisal on the 30 unit building located at 347 Clarence.  

Here are some photos of the building and area - http://www.myvisuallistings.com/pfs/269741

Kindly reach out with any additional questions which I can clarify and confirm.  Additional information can be provided with a signed non-disclosure.