Our plan was to rent it for 3-7 years, and then sell it, before a roof, HVAC, plumbing, or even much flooring was in need of replacement. 

It is to get you to reduce the amount of time you waste looking at deals and knowing what is good and what isn't good for a deal.You'll also need to know the area comps, are people putting in wood flooring or LVP etc.

Once you take over a property as an owner occupant, if it is a single family or condo you can live in it for 1 year and that automatically exempts your unit from rent control.

All are perfectly functional now, but could pull higher rent with replacing the flooring, and updating the kitchen.My current financing setup for this deal would be $235,000 from the HELOC I already have secured.

The tenant fails to pay their last month's rent and leaves the place needing new flooring and paint.

Strip the floor to the subfloor and paint over it to stain block then just recarpet or put in vinyl to mitigate future stains. 

@Martin Manning To add onto what others have shared, in the most simplistic terms, apartment complex values are based on Net Operating Income, or NOI, and the cap rate.Price = NOI / Cap RateSo, if an apartment complex has an NOI of $100,000 and a market cap rate of 10%, the value is $1,000,000.Listing agents for complexes love to price based on a pro-forma, which is utter nonsense (unless you're in Austin, in which case apartment complexes apparently have floors made of gold).

There will also likely be condo fees. 

2 floors done...three to go :  )

I have 10 condos, each worth about 35k.