The exterior walls are all in great condition, and just had all new siding and windows three years ago.This house is definitely within my price range as I’m starting out as a college kid investing, so funds are low.

Four roofs, 16 exterior walls, four driveways, etc. etc. 

@Kevin MosierOne thing I've learned about water in basements is that more often than not it's due to improper spouting on the exterior of the house and/or sloping of the ground towards the house.

We're targeting value add properties so our budgets typically include 8 - 10k or more for interior rehab plus exterior and mechanicals.  

I'm also a bit of a sustainability nut anyway.I'm also doing the other usual items, new laminate and tile flooring, bathroom renovation, kitchen updating and exterior maintenance.

On the Exterior: New roof and siding on house and garage, house received all new windows and exterior doors.

-Lights & Fans brand/rooms/types -Appliances type/brand -Exterior modifications -Other (anything I forgot to list) -Anything else that you guys have to add about renovations would be welcomed!

Fix anything on the exterior that is in need of repair but anything interior just let it be.  

In my area I wouldn't buy a 1947 house with a basement water problem.I understand there may be other factors that may make this a good deal though for you.Obviously there are things you could do, such as ensure gutters are unclogged and draining away, or dig up all around the house and sand blast the outer walls and coat them and install gravel all along the exterior walls, or put in an exterior sump, or have trenches cut all around the basement perimeter inside the house to collect water and then pump it out, or you could even toss away some $ by painting the basement walls and floors with special thick paint, but why make any of those steps your problem?

PM said that upon following up it's due to personal lives of the tenants(moving, new job, getting married, etc)I did have one major repair last year (exterior stairs repainted and treated that cost $8500 and $375 project management fee)Total Annual Income = $57,060Total expenses(everything except Principle and Interest) = $35,72562.6% of the rent is being spent on expenses - I've read that this is around 50% optimally.This seems all pretty high....