Some new investors think of it as a no-money down deal and given those other costs, it really almost never is.

I bought my first property with no knowledge or history and out of state.

Meaning, if you take the money only, you would have depreciation recapture from your cost basis up to the original purchase price of the building (not including the land cost because it wasn't depreciable), plus a capital gain up to the insurance proceeds.Hope this makes sense. 

Do you have the funds to carry the payments if no one is renting it ? 

.: I’m currently renovating a rental property and exploring ways to manage costs without compromising on quality.

The seller showed a letter from the previous Building inspector stating that there are no coding violations and that all the 6 units have certificates of occupancy.

Although there is no pricing like you get in Ohio or much of the mid west or rust belt.. so much of those areas RE cost less than replacement cost even if the lots were free.. just is what it is..

The hilly terrain is a main reason for this and you can't really see that on a map so knowing the areas is key.We have old housing stock as well so big things like plumbing and electrical can vary cost wise if they have or haven't been updated.

Every market will vary due to labor costs. 

To play devil's advocate (and keep in mind I have no skin in this since I'm in a different market):-You want to tailor to investors, then be prepared to sell at an investor price.