Certainly with an older building that has been mom and pop managed for 30 years, there are plenty of opportunities for improvements that don't necessarily equate to added value (hot water heaters, French drains, new electrical service, etc). 

Whether that equates to a "good chunk" or not is relative and subjective.  

Even here, there are "deals" you can get but it would likely only be about a 1% discount off asking price which equates to a few thousand, but it just really depends on your market as to how much of a deal you can get.

Learn to control both sides of the equation and you will be amazed at how fast your balance sheet will grow. 

Any and ALL of these actions can affect your credit score...EVEN a credit PULL can affect it (inquiry).The fact is, ANYTHING that assumes you are taking on more credit equates risk for the lender. 

Then calculate how many months it will take netting that profit to equate to the $131K that you stand to make on a sale now.Keep in mind, the profit you are making in rental income is taxed, but not as a gain. 

An oft-forgotten part of the equation is not just the hassle in collecting rent but also whether you will be able to collect rent at all (when investing in C-/D areas). 

If it is that hard to source parts which equates to expensive and more each year the writing is on the wall. 

@Rafiq Islam Although the rental market is rather strong right now in Richmond as housing purchase prices continue to rise (like most of the country), you should include a vacancy rate into the equation in case of an eviction.

  $60K can equate to a lot of months of a few hundred dollars of cash flow.