Considering an offer on a ~40 unit apt building in the northwest. Will it still be profitable in 30 yrs?

The place is around $2.5M and would pay itself off in 10 yrs (with 40% down) if I take no profits during that time. Nets around $160k. My question is, it was built in 95 and I'm seeing a lot of new construction in the area. I'd like this to be a rock-solid investment I can retire on (and pass to my heirs). My goal is not to sell so I'm less worried about minimal appreciation associated with this area. It's a low growth, mid-sized city.

Is there a life-span associated with a building like this? Yes it's making money now, but in 25 years it will be 40 yrs old. Will I have to re-leverage myself in order to fund major renovations?
Or would I be better off buying a 4-plex in the same price range in Los Angeles (where I live), where the cap rates are abysmal, but there's at least somewhat of a sense of long-term security.

EDIT: Thanks for all the great input. A lot of comments are regarding expenses and whether they've been considered. Here are the stated financials. At this point I have no way of knowing how true they are.

Hi there - I saw your post and noticed your utility expense is $49,278/year. Just so you know, you can eliminate most of that expense by billing back the Residents for their consumption using submetering or RUBS.

I don't want this to sound snarky, because really it's not meant to sound that way. I'm just curious. Don't you think it would be better to pay a professional advisor for advice on such a large investment? I wouldn't even go to a public internet board for additional advice, lest I'm influenced unknowingly by someone who could misdirect me.

I would totally go seeking public opinion! (This is why I DON'T work for myself, I'm too naive for my own good.)

Is that building still available?