Anything but financial suicide?

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I am so glad to have found this forum. There are obviously some well-experienced and informed people on it.

I will try to make this short. I am no expert in investment properties. Although I have sold several private homes for a nice profit and have basic real estate saavy, I have never owned income properties.

I am writing as I see a friend who I think is about ready to make a HUGE mistake. Normally, I keep well out of other's peoples business, but when I see someone going over a cliff, I consider stepping in. I may be totally wrong on my math, but I have done research on cap rates and such and can't see this working. My friend tends to run more an emotional level and I am afraid he isn't doing the math.

Here's the story:
My friend did well on one rental property that he held for about 15 years. It wasn't giant on cash flow, but it appreciated real well here in CA. He just moved his own home to another area and has sold the rental and looking to buy 3 rentals in his new area. Here are some parameters on these 3 prospective rentals.

The price of each prospective rental will be about $200,000 (market value for this area). They were built in the 70's and 80's and have no or one car garage also no central heat or air. They all need SERIOUS updating. He anticipates replacing windows, walls, fixtures, flooring cabinets, roofs, siding and more. He anticipates at least $30,000 to fix up each rental.

The area he is buying in is a somewhat of remote area in far northern California (almost in Oregon). There is no local job base (mostly retired residents), no shopping, schools etc. The population outlook is flat for the next few years and there are a lot of vacant lots available to build on.

Looking at the rental market here, newer homes with more amenities are asking $1,100/month and sit on the market for that price.

This friend is almost 60 and needs more retirement income. He says, "I just want to go out and play now". If this were your friend, would you say something?

Thanks,

Robert12