@Doug Heim  Is that a faux wood vinyl on the left side of the fridge???

Stain/Fix the deck, landscaping, put a nice Faux stone front porch.  

Example: Purchase price, vintage, unit count, type of asset, etc. 

Depending on the vintage (year of production) of the loan, it could have been highly inflated when originated.

For a smaller 6 unit I would want at least 300/unit/year in reserves and I would talk to a local property manager to see what the per unit expense is for repairs on average for a similar vintage property.  

I have a refi offer of $180K at 60% LTV and at 8.375% int. for 30 years taking out 3 to 5 year balloon situation on mixed use 5-unit, 3-story, brick, 100 year old, unique, vintage building, of apartments and storefronts.

Siding is a possible unknown - it has some kind of faux stone veneer that was then painted and is now peeling.Renters have been there 14 years and say they are happy with that place.

@Jay Hinrichs is maybe the only person of my vintage who remembers these (and he's much younger than I). 

Sorry, I think I've made a regional faux pas.

All nice, no crap including four poster beds. got a lot of nice vintage pieces also.