The area is lower class neighborhood,  however,  all the surrounding homes have really nice gardens and grass.Not sure if any kind of spray was used by the tenants to kill the grass.

That would give me a negative cash flow of $300 with a gardener and a pool guy.

Think “garden district” or historic areas when you think of places where vinyl won’t be a good fit.  

In my 14 years in the biz, I’ve been in about 15 deals where buyers had them done and only once has it come back as “elevated”(barely above the minimum threshold It was my listing, a garden unit in lake view.

Mgmt: $235 (10%)Prop tax: $262.50 (Rochester NY has 3% prop tax)Repairs: $117.50 (5%)Water & Sewer: $120 (figured $30mo per unit)Insurance: $75P&I: $425.62 (30yr 4.5%)Misc: $60 ($120 month  for a gardening for 6 month season)Not including snow removal$2350 Rent-$1802.12 Expenses$547.88 Cashflow (with 20% down)Looking at the 50% rule you mention it would indicate that I should cash flow approximately $1175 if it was purchased in cash.

As a gardener-a-holic and former landscaper, grass is cheap. 

It only has one boiler & one water heater All 3 apartments have full windows and lowest apt has 2 exits and is at garden level.

I get calls all the time from people who live out East (Germantown, Collierville or East Memphis) that still can't figure out midtown -wanting our opinion since we live in Central Gardens and have several houses in different parts of midtown.

btw, this project was/is in garden city, michigan. 

To access the two apartments, there are indoor stairs accessed from the sidewalk.