Built another smaller 1600 sq ft house with open air balcony for a roof for $130,000. 

Be sure to get information about the age of the capital expense items (roof, HVAC, water heaters, and sewer line as well).

I personally don't know much about that market but I have worked with a lot of people in Florida that are investing in Detroit.Some newer challenges in Florida are insurance costs going through the roof.

One, you now have double the doors, w just one roof.

If it was my deal I would look at the big capital expenses (roof, foundation, AC etc) and determine if those will be a factor in the older property.

If your roof lasts that long.

Landscaper 1800/yrAll utilities are paid by tenantsUnknown roof age.He wants 720000 but I think I should allot at least 10%-15% repairs on this older funky building that he's managed and maintained himself.

The property needs a new roof, windows, drywall, electrical, bathroom, etc.

Make a list of all assets and their components (how many roofs, refrigerators, heating systems, etc?)

•Electrical panel and roof in need of maintenance.