This tells you from the outside that there is opportunity to add value in updating the property, but also, the inside may match the outside (original cabinets, pink tile in bathroom etc.)Aside from deferred maintenance, look for properties that are on busy streets, next to a gas station, or has any challenges to them.

They barely got out of that home.

As a Landlord, would you paint a small bedroom light pink with white trim?

Narrow paths encumber carriages and wheelchairs, and properly cleared pathways ensure flow and safety of pedestrian traffic.Remove ice to bare pavement or make as level as possible and treat with sand, sawdust or similar material.Please clear any snow that may be blocking a handicapped ramp, fire hydrant or catch basin.DON'T: Shovel or plow snow into the street: Violators caught shoveling snow from private property into the street will be fined.Overexert while shoveling: Excessive strain from the cold and hard labor may cause heart attacks.

It did cash flow immediately after accounting for capital reserves, management fee, repairs and vacancy and so forth, but barely. 

Banks know there are investors out there so unless your debt-2-income, credit, over-leveraged (multiple mortgages perhaps barely making payments), then I don't see that the banking industry sees an issue.

Trying to stay patient, it seems like a lot of small multifamily homes (2-4 units) barely cash flow to cover the mortgage, especially with 0 down and trying to stay in a decent area.  

I have formulated my business structure; plan. i barely have enough though to cover living costs.

Suzanne B., Are they advertising 75% of LTV or ARV with no down payment?

The Realtor in me wants to sell everything, LOL.Before this purchase, all of my other rentals BARELY pay for themselves, but I am very glad I have them.