Some of the other buildings in the area might have low vacancy due to location,rent prices,amenities,etc.4.200k in reno with 5k per unit is light.Unless these need just carpet and paint,resurface of the parking lot,and updating of mechanicals the cost is likely to be much more than that.What year was the property built??

Resurface the condo pool?  

If you don't have the budget to remodel the kitchen, then I would advise to get the kitchen cabinets painted or resurfaced.

We also resurfaced the carpet stairs with white oak treads that came out beautiful.

Resurfacing and striping a shared parking area is expensive.

. (;-) are you sure you are not missing a Zero on the Purchase price - $145,000)$30k for cosmetic renovation on 8 units sounds low. i just did basic to reasonable standard (check my BP blog) and it costs 5k per door. no new kitchen or bathes but re surfacing and granite tops., Viynal planks hardwheres thorough, signage and light fittings, fencing etc.

Roofing for 26 units, HVAC issues, resurfacing the shared parking area, etc. are all high dollar items. 

Lots of deferred maintenance, parking lot needs to be resurfaced, pool not clean, siding needs to be updated, etc., all of which seem cosmetic and manageable. 

It was bought by an investor six months ago for 180k and he did a lot of repairs (as mentioned above) and it has all resurfaced or new hardwood floors and upgraded kitchen and baths.

HOA is healthy and lots of repeat renters but there is currently an assessment levied for resurfacing and painting of the exterior.