There are water softeners and things now that make it similar to public water.

Cody is doing OK but it has softened up. 

That is all good news for appreciation but developers are bringing housing to the market in huge numbers so at some point 1) inventory will catch up with demand2) prices will soften with the increased inventoryIf I was going to buy in Denver and it was even possible, my strategy would be to source an investment at least 20% below market value with the intention to sell in short term.

Equipment, water softening systems, etc.

@Eric Tait is right that if there is any softening at all, it will likely be felt first in commercial office space, as that's what was hit hardest during the Enron, et al. busts in the early aughts, although that was arguably about mismanagement unrelated to energy prices.Keep in mind that the major energy companies are ridiculously profitable at any oil price.

Right now you will find that you'll net much more than that as the rental markets are very strong, but over time, as real estate markets are cyclical, rents will soften and averaging around $100/door/mn over an extended period of ownership is not a bad goal.As far as financing your 100 units, it all comes down to liquidity.

Do you have a water softener in the complex?

And take the debt as boot so you walk away with a smaller tax bill and 1031 the rest into a holding pattern property that will provide nice cash while you wait for the market to soften and turn. 

I would like to update both bathrooms, replace carpet in bedrooms and paint, maybe replace windows, update furnace and air conditioner, replace water heater and add a water softener since its on a well, replace doors, finish basement, redo yard as well as porch and maybe even add a garage to it.

The main reason for verifying each applicant is that one of the occupants may be dangerous or otherwise not tenant-worthy.Likewise, you may need to soften your policy in the case of any family member who is incapacitated and under a tenant’s care.