There has been a recent surge in new apartment buildings being built, specially close to the downtown area and the impact of those is still unknown as they are large and expensive for what has been the standard (they are also more focused on the luxury level with lots of amenities).DO NOT - I repeat, DO NOT try to buy something just based on the numbers.

I cant speak to what the township would allow, but I am sure you have already tried asking them, beyond that it is unknown what would be given if anything.  

How well any of that was done is an unknown.

In MN you can agree to waive the seller's disclosure, which I always do on investment properties I sell, which limits the seller's risk for unknown problems.The reason I always fill out the alternative disclosure (waiver) is because I have not personally lived in any of the properties and I am not aware of all the risks. 

The budget is $5K with another $5K for surprises.We still have several unknowns.

The unknown items will kill the deal, so do your due diligence to find potential issues before you close on the property and dig in.

Too many unknowns, too much trust to have to put into people you don't know, in a market you don't know, and too much lack of control to recover if things go wrong. 

Did you buy at too high a price or was there an unknown problem that popped up?  

This isn't a given but I wouldn't let the unknown of that deter you.

I feel like if I can get a good deal and rehab the property that is better than buying something with deferred maintenance and unknown tenants.