I know that sometimes a condenser gets stolen from the the outside but this has no AC at all and will now need the duct work as well as the AC system which could cost me 10-15K.

If a property does not have central air not only are you going to have to purchase a handler and condenser, but you are going to have to do duct work as well correct?

The specific terminology you want to see is: "95%+ AFUE modulating, condensing boiler (or furnace)."

Recently sold a home and I was a little concerned about the age of the AC condenser (25-30 years) but it worked fine and was a total non-issue with either inspector or the buyers.

These provide the equivilent of a graduate level degree in commercial and investment real estate, although in a condensed version.

@Brian Anderson You are getting some good advice from @Bill Gulley and @Steve Babiak but I will expand or condense a little:Get the property under contract with the proper contingencies in place and ample time (if you can).

Worth a try.I love those Magic Erasers... when I lived in Japan we had terrible AC and with how humid and warm our barracks were there was mold and condensation stains.

AC tune-up should have included blowing out condensate line and this would have helped with the issue. 

As a buy and hold rental it works great for me because I just need to put $3k into cleaning it up, painting it, replacing the flooring and the missing A/C condenser and I can start collecting $700/month rent.

The condenser can go outside obviously.