I am 36 years old married with a wife and 2 boys ages 2 and 4.

Some things you may just have to intuit based on age of home (wiring, asbestos, lead, etc) and work those into your initial offer.

The roof has an unknown age as no new permitted roof has been pulled in the past 30 years, but no appearance of roof leaks currently, but looks aged.The bank asked me to give an offer...Comps in the area have sold in the past 12 months from 110-119k, rents seem to be around $1000-1100/month

I wish I started when I was your age.

Completely transparent with my a/c issues, professional, easy to deal with and didn't push for me to replace my aging units.

But, he didn't have alot of information on the major cap ex info like roof age, HVAC, etc.

Just by age alone the system might be too small.

Just to inform you about why you should agree with anything I say might be because of my age of 61, my construction experience around Dallas for about 30 years, my having a real estate broker license in Texas for about 30 years, my college graduation in business with honors, or the time I have spent learning about this type of investment.I hope that any of this helps your decision. 

I am thinking I heard that Peachtree does this but I do not know their requirements, as in the age of the mobile home.   

Also, in the age of 10X'g everything, prudent, conservative investors are looked down upon ;)