But those mini split Mitsubishi units probably would not be sufficient for that big a place without adding multiple of them.

Cents on the dollar or pennies on the dollar is simply a discount.You want to buy at minimum 65-70% ARV minis the repair costs.

Lots of mini peaks and valleys along the way and you need to be prepared. 

I just put a mini split in my personal home, but I believe PTACs are better for complexes.

Be careful on the mini apartments.

BTW 'mini split" HVAC systems offer small cheaper means of ac/heat.Plus you are reducing the saleability of that whole house as single family home into a commercial property a MF which sells based on NOI and cap rate.   

Think of them as a mini HML.

I've also seen good use of older warehouses being converted into climate controlled mini storage.

If the min is 75k then that means in your above example you'll need an appraisal at 100K to have get to the 75k loan minimum at 75% LTV.  

If you're already doing renovations and can do a good job air sealing and insulating, I would consider mini-splits.