First rental property-small multi family

[Courtney Robinson]

I posted a few weeks ago about a triplex I was trying to buy in Southern Indiana. I have only done flips, never been a landlord. I have a lot of anxiety about doing this for the first time. I have two questions: 

I previously thought that the property only needed about 3k worth of work. It needs really about 30-36k worth of work. This property hasn’t been well managed-the current owners select tenants from “intuition.” I know what it rents for, what utilities are paid by owner, and what property taxes and insurance will be. What other documentation should I ask the current owner for besides copies of the leases?

Next question: is the 50 percent rule realistic any more? This is about the best price I have found on a multi family property around here. If the 50 percent rule is accurate, then after my mortgage (which includes property tax and insurance in escrow) I would break even. If the 1 percent rule applies, then I am more than meeting the one percent rule after all repairs have been made and I have financed into a 30 year loan.