to re-wire the entire house, the existing is that cloth/tar type that deteriorates when you look at it sideways and threatens to burn it all down any day.

I have had two close friends from Oregon buy these types of units. one in Memphis one in Oaklahoma city.Memphis one paid 400k for 80 doors put 600k in it expected to exit at 1.5 mil.. got it up to about 80% occ.. but things deteriorated quicker then they could keep up.

You'll also want to ensure you have a good property manager to look after the upkeep of the property if you are not there to notice anything deteriorating or which may need attention.Creating an LLC in California would cost you a minimum tax of $800 every year.

Keep in mind, bad assets can also deteriorate over time.

Action- you don't want to be caught with a lot of inventory (whatever that means to you) and you want cash (realize inflation is deteriorating it) when that happens. 

The bank wants cushion if commercial real estate values continue to deteriorate (which they will in most markets). 

It may improve if you're buying cash flow, or it may deteriorate if you're buying for appreciation.

The market will most likely keep deteriorating forcing you to lower your rents and deal with lesser tenant pool- many of the good markets right now are overpriced.

Have they been vacant and deteriorating for years and are structurally unsound (look for the fire department's marking), or have they only been recently vacated and can be fixed up?

You'll also want to ensure you have a good property manager to look after the upkeep of the property if you are not there to notice anything deteriorating or which may need attention.Creating an LLC in California would cost you a minimum tax of $800 every year.