This seems like a lot of extra money that needs to be factored into a deal when crunching the numbers.

Also some of the taxes over there are high and will kill your cash on cash return percent if your not throughly crunching your numbers. 

However, when I crunch my numbers and look at what is happening to my principal when I switch from 10 year to 30 year it really sucks. 

I can also help you find existing MFH, assist with crunching the numbers, etc. 

I would love to learn more about operating expenses, cap rates, what’s a good deal vs a bad deal, etc... pretty much how to crunch the numbers in order to find a good deal vs a bad deal.

@Steven Denio that upfront number crunching that you do before you buy the property is CRITICALLY important. 

I’m in a major time crunch to get property insurance on a motel in central Michigan.

But the time crunch come by virtue of the 1031 requirement to IDENTIFY the new property(s) within 45 Days, and then you have 180 Days to Close.

If it's not too late, I would crunch the numbers harder and see if this is the right deal.

Then meet with the broker and offer YOUR price. crunch the numbers as if you need to do the improvement and work on the Total COST base. 1963 Building may need re wiring and plumbing, new appliances etc etc - Tel all of that to the Broker/ Seller.Put an offer in with building inspection contingency, even if they want you to buy it As-Is.Make sure to put other contingencies according to your requirements.