For 1900s buildings in New England (even if its a brick building) I typically budget between 8% and 12% of gross scheduled income towards repairs and 6% - 10% towards reserves. 

@Joseph England - I like that strategy too.  

I had the opportunity in the UK to take out a 80k mortgage in England when I was 18 with 10k down payment but I put it off as I didn't like being tied to a loan for 30 years.Now I am 22 and I live in NYC and I want to work my way up to large apartment buildings, I live in a huge complex where there are about 10 buildings, each containing roughly 80 units, everyday I do the math in my head and it motivates me how much money there is to be made from the monthly rents of 800apts which are around $1700 a month each that's  1,360,000 a month.

@Jamie England what is your credit like?  

Joseph England Russell Brazil thanks for your feedback I've been searching for awhile , it's actually the first thing I started to look for in my investing career.

Its one of the biggest cities in New England.

Anyone who rents out in the New England region who had an insurance company who will provide me coverage without the lead test?  

@Justin England@Jake StenzianoHi JustinYou have to plan for the end in mind.  

Hello All,I'm looking for apartment buildings in the New England Area. 

So what you're saying totally makes sense - I think I just need to mentally step out of the bubble of the New England area, where putting a home on the market tends to mean you will get 10 offers in a weekend.