They rent well the value dynamics are different thean dry front properties of course and the factors that @Wayne Brooks mention are important. 

But there is also a ton of dry powder waiting for opportunity in multi-family.

Many of the low income folks I have rented to are pros at "working the system" and will bleed you dry.

How do I go about estimating the cost of all the lumber needed, roof material, dry wall, siding, flooring etc. any advice helps,thanks Pat 

Seems overall, the demand has dried up.

Do each room and let it dry.

It seems like the previous owners or manager used a piece of metal to cover up that leak since the metal was rotting of water.

@Jacklyn Robins many of the mentorship programs are designed to bleed you dry:(Most of the info they provide you can find right here on BP or locally via other investors in your market.Since you're not currently working, how many hours did you spend last week on networking and learning about RE Investing?

You could even buy properties out riding cash with that much dry powder.

Often the HOA Master Policy covers some or all; you/your insurance pays the HOA deductible; the lower unit pays for any upgrades they installed.Water damage that presumably occurred over some period of time could very well initiate mold growth if it was not promptly and properly dried out.