Most likely all new mechanicals, windows, a fair amount of framing, insulation, etc., etc.

It is naturally insulated and it captures passive heat with strategically placed windows.

The mayor has been hot on out of state investors and poor property managers since his campaign. 

Would it be a poor decision? 

I currently live in Southern Maine and am looking to construct some kind of new project rather getting into rehabbing existing residentialProposed Land Budget 100-200kConstruction Budget: 400kAll in 500-600k.I have found that if I do the site work myself including clearing, septic and digging the foundation is that i can sub contract out either steel or a Lester style building (50x150) for around 300k installed with insulation and power , divided into three 2500 square foot units. 

Investors often obsess over how to defer tax obligations and ultimately make poor investments due to being hyper focused on taxes.

Consider putting the property up for sale and get your life back on track, then try investing again. bottom feeder investors are going to hammer this poor guy..

Class C: These apartments are typically over 30 years old and are in fair to poor condition.

After assessor comes out and consults with insurance company, they'll send demo guys out to come do demo work and remove wet drywall, insulation, etc. they'll usually put down dehumidifiers and let the place air out a bit to see what actually needs replacing and what was able to dry out.

The wealthy live where they want, the middle class live where they can afford, the poor live in whatever's left over.