I also recommend installing LED lighting(let me know if you need a few bulb recommendations,) even if you're not paying the electric bill, your residents will appreciate an apartment with a small bill(and of course it will help them pay the rent.)Michael

I feel as though Oklahoma City is an amazing marketplace.  80-120K gets you in very decent neighborhoods without having to worry about buying an older home that requires major updating...IE: plumbing, electrical etc.  

Gas and electric were handled by the tenants directly.

@Michael S. regarding our financial analysis - we considered everything including a complete gut rehab with new plumbing and electrical, but we did not consider that it might be a total loss, or that our gut job could also involve structural repair.  

But don't forget that you have expenses like maintenance, taxes, insurance, heat, hot water, electricity, management, etc. 

Building is 1968- will have to find out about lead paintPitched Asphalt Shingle Roof with aluminum gutters, Ill have to double check but think its 5 to 7 years old.Separate meter for electric but owner pays for heat (Oil-- not sure conversion gas is worth it but option is there)Good question about wiring, i would've never thought of that..I would assume I want it to breakers..

I'll keep this brief, I'm an electrical contractor and I was subbed out to do some work for a guy.

I feel like if I at least converted the electric to two separate utilities, I'd be good.

Here in the same county, a friend of mine had an large, older ranch home, built in the 50's, on a gorgeous piece of riverfront property (in a very desirable, upscale, neighborhood), that still had the original electrical meter , and the power cable /electrical feed coming into the house right next to the front door!!!

He says the house has electrical problems and the furnace doesn't work.