My recommendation for his situation was to refinance the property and pull 200k cash out or more, pay down some other debt, and use the remainder to upgrade the two vintage units, as well as purchase more property that cashflows.   

Maintenance totally comes down to vintage of the property and how well ownership has managed prior to your purchase. 

Alex Pardo and the flip empire podcast has given me sooooooo much good advice its hard to break it down.........but the episode with the Repair credit was a gem!

This financing option allowed me to proceed with the renovation and turn this property into a gem worth every penny.

Our realtor (and friend) brought it to us as a hidden gem.

@Jay BenThere is no list but you can always do a reverse due diligence: - Find several apartment complexes that fit your investment criteria (e.g. location, size, vintage). - Check public records for ownership. - If a property is owned by a company, look up that company on Corporation Wiki, Open Corporate or similar websites. - Find key people. - Lookup those people to see if they also run some kind of investment or private equity company. - Find the company website and send then an inquiry if they take investors.On a second thought, why do you insist on NY or LA? 

Beautiful vintage brick building with 90 walkscore.

Hidden gem.

This means digging deeper to discover those hidden gems priced at working BRRRR acquistion prices.

You may want to look into vintage/retro campers that have been restored?