Deal overview;Purchase price = $350k. 4,000 sqft, 5/4 that had an in-law suite above the garage, complete with a tar-pit (I mean pool, but you couldn’t tell the difference), hurricane damaged roof with inside water damage, two kitchens that needed appliances/updating, 2,300 ft of flooring needed replaced, $45k in city fines that we had to navigate (settled on $1,500 in fines, title company assured me that would be the case, but I was still apprehensive, glad we listened) and lots of granite, paint & fixtures!

Especially since she'll be living under the same roof as me.Thanks in advanced!

Look at what they are selling for, sqft, life remaining on HVAC, roof, windows, ect.

The pros of this is the ability to add lots of units under one roof and to scale the business.  

Here's the data:79 Units - Townhomes, with 24 separate buildings.  60% have been updated with roofs/siding, interior basics.  

Imagine having 4 closings, paying attorney 4 times, or replacing 4 roofs for that matter.

If nothing has been done since the eighties it's probably not a bad idea to look at the roof, windows, foundation etc. 

As for the reserve amount, usually I do 3-4 months of costs (not income) plus any amounts for upcoming planned capital projects on the property (roof, deck, any replacement / repairs that you are planning).

New floor structure, new layout, new HVAC, updated electricity, new roof, new window package, new water heater… pretty much the works.

I do know it will need at least a roof.