When you undertake analysis in other markets, keep this in mind because not all counties handle records the same way (hence, you need to normalize the data.)  

As previously stated, I do plan on undertaking a mild renovation (Paint, flooring, etc.) in which I can force a little appreciation, but am I leaving a lot of money on the table because I do not want to swing-and-miss on my first deal?

I would advise against doing a structural renovation as your first shot though, that's a large undertaking that is not for the light hearted. 

Is it a huge, expensive undertaking to try to put a small kitchen in each unit or is there a way to do it efficiently?

This single fam had major roof and ceiling damage... probably a bit more involved than a newbie should undertake but I'm a gluten for punishment.

This is huge undertaking for a beginner however I want to practice running the numbers on this property.A little information on the propertyListed: $8,889,000County Appraisal - Improvement: $1,388,880County Appraisal - Land: $2,661,120Taxes: $125,000/yOn Market: 125+ daysBuilt: 1972Renovated: 201754 Units: 22.3% Studio, 63.2% 1Br/1B, 14.5% 2Br/2BRent between: $895-$1750100% Occupied - Average age of tenants ~35Cap Rate from Broker: 5.6%NOI: ~$500,000Assumed Vacancy: ~9%Coined Laundry: ~$500/mElectric Reimbursement: $2,500/mAdmin, Management, Turnover, Utilities (pool included): ~$100,000 Maintenance: $2,000/mInsurance: $25,000/yNeighborhoodAverage listing price: $420,000Average time on Market: 60 daysAverage price sq. ft.: $250 (SFH)Purchase InfoAssumed Purchase Price: $6,125,00025% Down over 30 years2% purchase costs: $122,000First year IRR: -3%I believe that the list price is overpriced for the area given competition.

It can be a big undertaking, but there can be good profits in it.

This is my first multi-unit property and it seems like a huge undertaking.

I'm planning to undertake a serious research period over the next month or so, if you'd like I could get in touch once I've gathered and digested a bit more information.

👏👏👏Listen, any endeavour that is worth undertaking comes with its own unique challenges, and REI is no exception.