Buying: how to approach 130k+ in deferred maintenance

[Ari Archer]

Hi–

I'm looking at buying a 4plex in Solano County (outer Bay Area, CA) for ~$350k. The price has dropped once already primarily due to some pretty substantial deferred maintenance that the seller doesn't want to deal with (new roof, retaining wall, some dry rot).

Looking at COCROI/Cap Rate and other numbers, the place looks to cash flow handsomely already – around 1k/mo with existing tenants at existing rates. My question is about how to approach the deferred maintenance. Should I do as much of it as I can a.s.a.p., or should I patiently use income to pay for repairs? There are minimal health & safety concerns at this point (which I can deal with quickly) but I'm trying to strategize the best approach to rehabbing this property.

Thanks!