The property is a 5 unit building with the following information: Rental income is $4,000 per month or $48,000 per year totalTaxes are $375 per month or $4,500 per year (this is higher than current but factoring in that they will increase)Estimated insurance is $200 per month or $2,400 per yearExpenses: Vacancy 8%Management 10%Other expenses Landlord pays water at $400 per month or $4,800 per year Realize this could be a cost savings in the future, but want to analyze as isGeneral maintenance (including minor repairs on property) including grass and pest control estimate at $300 per month or $3,600 per yearCapital reserves for Cap ex (appliances, windows (52 windows on building), roof, siding, etc. which I based on building a capitalization table based on useful life of items and number of units) at $460 per month or $5,520 per yearLoan: All in after down payment the loan would be for $300,000Assuming 7% interest rateAmortized over 20 yearsThus comes out to $2,325 per month or $27,900 per yearSummary Income Per Year:$48,000Property Exp.

- remove existing tile - remove drywall in surround and window area to the ceiling - replace drywall with hardibacker redgard hardibacker large porcelain tiles (16x16, 12x24) with smallest grout spacing possible- highest quality caulk that is mildew-resistant - tile floors, 4" base/behind/beside toilet, in addition to tub surround all the way to ceiling - angle tiles away from block window - re-install shower curtain rod  - replace fan/light with higher-performance model with humidity sensor - inspect fan ventiliation to confirm vent going through ceiling - inspect bath, sink, toilet plumbing and waste drainpipes - add quarter turn water shut-off valve - replace bath fixtures to single stem handle - replace bath drain with grid drain

If you are just tearing out kitchen cabinets and putting in new, new floors, paint, window installation, roof, gutters, etc. then those are not "complex".

In the future, you can keep a window unit on hand and offer it to them when this happens.

They have a window for owner occupied buyers first, to promote home purchases to increase homeownership for those renting and you come in and represent yourself as one of them, and buy it, and then flip it for a higher price?

What I do know is basically look at what needs to be replaced (EX: windows, interior paint, flooring, HVAC, roof, etc.) and then 'guestimate' a rough cost for each item.

I've been lucky when someone leaves without returning the key...they usually leave a window open, and i get in and change the locks myself, without paying a locksmith.

I was really excited about the prospect of a 4 family MFH with 0% down, but that dream has gone out of the window, unfortunately. 

Things like roofs or structural or things that make it livable....like missing toilets, missing heat, broken windows....sometimes flooring.   

It also needs all new windows (22 with most of them being about 19x63) a complete kitchen, full bath, another bathroom added, a roof, full a/c system and all new plumbing.