Additionally it is very common for electrical needing to be upgraded from knob and tube or plumbing being cast iron that is splitting or steel pipes that need replacement.

But, given the building was built in 1982 and not 1890 - I don't expect knob & tube or some of the other hazards presented in the older Lehigh (Allentown) properties)Maintenance: $4600/year (Representing 5% of gross rent per month)CAPEX: We plan to keep the first year's worth of net rent in the operating account to care for CAPEX expenses. 

One duplex was built in 1890 listed for $89,900.00 but there were warning signs that there was knob and tube and upon asking it was confirmed. 

Purchase price: $162,500 Cash invested: $45,000 Sale price: $247,900 100 Year old classic craftsman.2 bed, 1 bath with a full basement.Still had active knob & tube wiring and it's original galvanized plumbing.An original porch that was extended and enclosed and about to fall off the side of the house!

One of my favorites is the Pex tubes, the red and blue and orange ones!

A lot less maintenance when you aren't dealing with knob/tube and ancient plumbing. 

There are a TON of older tube TV's in STR's.

Some 3 and 5% down conventional programs do not have MI but its concealed in the rate which can be better since mortgage interest can be a write off and MI is down the tubes.  

Other than that typical old house stuff to look out for: rotted floor joist, non-exsisting footings, crumbling stone foundations, settling, old plumbing, knob and tube wires, poor insulation. 

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