I was about to start looking for wholesalers, because auctions have too many unknowns, and I don't have the MLS as I'm not a realtor. 

I would like to get some feedback from others that threw caution to the wind, so to speak, and just went for it in parts unknown.  

Include 5% of rents as "slush fund" for unknowns. 

Asking price: $245,000 - reasonable for the areaEstimated Monthly Rent under current leases: $2500.00 - on the low side of the range for the area but the tenant base is long term and stableAnnual Taxes: $5000Annual Insurance - Unknown/information requestedUtilities - Unknown/information requestedBuilding Owner pays for alarm monitoring,electric and water bills - have asked for monthly cost averages but do not have yet.Individual tenants pay their own internet and phoneDescription: 2400 sqft, brick building with a 10 space parking lot, good location Known upcoming repair is HVAC for the downstairs (est $5k), upstairs HVAC has already been replaced.Thank you for your time as well as your opinion on this deal, recommendations for additional questions, additional information etc. 

I also estimated for unknowns because there are several water leaks throughout the property.

My biggest unknown at this time is finding a trustworthy and affordable contractor to work with.

Know before you buy, don't guess or rely on luck in the unknown!

Here is what we know so far:Out of state land lord Has been for sale for more than 3 monthsAsking price 240kBuilt in 1981Each unit is 1050 sqft 3/2 with utility roomRent is $1050 (I have not seen the actual numbers this is what the real estate agent told us)Landlord is paying water and trash but don't have those numbers.Two units are currently leased Last roof: unknown AC and water heaters are currently working but do not know when they were last replaced.

I did calculate 5% for vacancy and 5% for expenditures for unknown expenses. 

But there are definitely other childhood friends that I've drifted from, it's not an unknown phenomena.Sarah D.