Thoughts on whether this is an automatic deal breaker? 

Having the circuit breakers in the basement could be an issue as well. 

With hurricanes I’d prefer concrete block...should this be a deal breaker?

Adding a circuit? 

The way things are now I don’t think that previous flooding can or should be a deal breaker.

Labor will be completed by my existing maintenance staff and paid out to the employees by my management company.The roof, electric meters, and breaker boxes are all 8 years old.5 of the 8 units have complete new HVAC systems.What are your thoughts after receiving this information?

Painting sure, replace plumbing, new breaker box, definately not. 

The BTA ruled that “where the owner of rental property devotes it rental purposes and exclusively to the production of taxable income, the property is used by him in a trade or business”.On appeal, the 6th Circuit came to the conclusion that the building (rented to multiple tenants) was a TB, but they got there via different means.

To top it all off the sellers agreed, in writing, to have a professional look at the electric and circuit breakers and baseboards in every room and fix/replace anything that needed repairs and provide a report stating it was all done and cleared.

But before you make that decision, you need to have a serious come to jesus about what your goals, needs, and deal breakers are with regard to:Time - how much time can you reasonably afford to spend on the investment once it's made, on an ongoing basis Control - are you willing to sacrifice a bit of your return for someone else to handle tenanting, maintenance, and turnover, or do you want maximum control regardless of your experience levelResolve - if you're inclined to be very hands-on, do you honestly know that you will be able to maintain the level of involvement long-term?