Something to consider is that you mentioned you had a day job so I’m assuming you’re not a real estate professional.

In other words, the cap rate becomes fairly meaningless upon transfer.Your job is to assess whether or not you can make a good profit after buying the asset at whatever the sale price is. 

We wanted to improve this building and make for a long-term hold that improves the community.

I wouldn’t invest too much in old technology right before demand creates improvements. 

Make sure you have one to keep improving onTwo things I noted:1.  

Efficient Renovations: Focused on high-impact upgrades like modernizing the kitchen and bathrooms, improving curb appeal, and installing energy-efficient features, which are highly desirable in this competitive market.Optimizing Layout: Evaluated the property's layout to ensure it met modern buyer preferences, such as creating open-concept spaces.

If there is no HOA because it has been family run, it will be dicey, but generally if it is a private road, all those on the road are collectively responsible for maintenance and improvements.

I have recently been applying to jobs that teach and train real estate agents to wholesale, looks like it could a good opportunity on account that they have the capital. 

Jobs.

Many of them struggle to relinquish control and delegate tasks to specialists who are better suited for those specific jobs.