Capex is big things like roof replacememt, HVAC replacement, etc.  

Given the last time it was purchased was 1984, there could be some major repairs needed in the not so distant future such as roof, heater, electric, plumbing.

At this time I would Sell two of my rental houses in order to Buy my friends two houses, on the lot next door, in a bad neighborhood, because I can get them for $30K under Retail, after a new roof and electric.

It doesn't quite meet the 50% rule but I'm paying it off in 15 years instead of 30 and I could always re-fi or get a HELOC to get some of my cash out if a major expense like a roof or something popped up. 

@Michael Dang I used to work with MBCI in Houston on metal roof and panels for my projects, but it's been a while.

The roof was replaced last year.

I always hire out drywall, roofing and gutters, even though I can do them.

Then you want to get into specifics about the condition of the home.. condition of the: roof, exterior, hvac, water heater, plumbing, floors, walls, etc.

I also encourage you to listen to all of the BP podcasts as they are a treasure trove of free and lucrative information.My vote is if you can't scrape together more than $5-10K on your own for this idea, then how are you going to fix a broken pipe or a leaky roof that has a tenant in it when it comes time?  

They are asking for mediation, even though its not their primary residence, and they have let a hole in the roof really damage the building, coupled with not paying taxes for years, we saved it from tax sale and asking our attornies to dismiss the frivilous mediation request, which has stopped our foreclosure in its tracks.So, its painful in judicial states, and less painful in states like AL & GA.