If its a 40k machine, then maybe you're saving the rental money in three years which isn't bad. 

Why did they let it get so bad that you are receiving a letter from the county? 

Business to business tenants can be some of the best paying residents you will ever have, if you treat them well. 

For example, I’m doing three side by side duplexes and it’s costing me $135 psf, but I had to spend an extra $10k per foundation because of bad soil, and the smaller the property the higher the cost psfI’m working on a 28 unit with elevator, demo required, green roof, and it’ll cost me around the same psf as the duplexes.I’m doing three side by side triplexes which are full renovations, basement digout, all new facades, and that’s costing me about $106 psf for construction Non of these numbers include architecture, geotech, MEPS, environmental, utility plan, or finance costs

HVAC duct work insulation is also deteriorated.No vapor barriers installed eitherSome fungi/mold growth notedPlumbingMultiple small leaks under sinks and from bathtub and toilets.House has Polybutylene plastic plumbing which is dangerousMain shut off valve is damagedElecticalSome small exposed wiring and bad splicing.Whole house has no GFCI's or grounding outletsInteriorMoisture spots on ceilingExteriorLose Vinyl SidingDoor Jams and Window trim have moisture damageDriveway need replacementRoofingMinor leaks noted in atticRecommended to replace roof covering, but not whole roofSome fungi growth noted in roofSo some of the question I am trying to tackle with this work is:How much should I budget for the main issues listed? 

How they look is how they will treat the place rented to them.The requirement that they MUST pay an Application Fee and a Security Deposit, seems to filter out many of the potential problems.

West Milford is not bad for land lording laws but its kind of far out there for rentals. 

Beware taking BAD advice.

Treat brokers like gold.

The deal was they would get this below market rent but they would take care of all expenses on the property and we had the peace of mind that it wasn't getting destroyed by bad renters.