That unit still has original knob and tube wiring, so that would definitely need to be upgraded!

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The capital expenses over a 5 to 10 year old could eat you alive (new roof, heating and ac, water heater, knob and tube wiring, siding, foundation issues, galvanized plumbing, asbestos, poly pipe, etc.) .

this attitude could keep price points up instead of falling like so many U tube alarmist are saying.   

Then don't notch or drill holes through the beam(s) to run electrical etc, yep a fellow investor had to pull it down after the inspection.We took out 2 walls ran the doubled up 13ft lvl beams, installed several new 2x6 jack studs each end, reinforced below the flooring into 8 inch sonar tubing buried in the basement flooring because the old basement floor was inadequate support per the bldg inspector.Took us a couple of days & the LVL beams cut to length were $80 each.This was the 1950's beam we took out from one 8 ft length of a load bearing wall ... never cracked or sagged, so I guess the plaster was strong enough !!!

They were putting in new flooring, baseboard/door trim, new doors, and taking care of a live knob and tube wire in the basement. 

Cheaper than copper, tubing is cheap, it's the fittings that run the bill up.

You should set up an irrigation system using PEX tubing, it will be cheap, convenient, and self sustainable. 

Most of your rent roll is going down the tube in expenses it seems.I'm also concerned you want to manage the property yourself being this is your first property.  

Check out asset protection info/You Tube videos by Clint Coons-he states Land Trusts are valid in all 50 states.Also, you may want to check out these lenders and similar: Lima Capital and Angel Oak -and others advertised on Bigger Pockets.