Are you looking for a turn key property that won't need any work, or are you looking to add value through buying something that you can improve?

Adjusted cost basis is cost + eligible improvements. 

Also, I don't necessarily subscribe to this, but I do know a lot of older MFR investors just keep their rents lower than everyone else and do minimal improvements after they retire.

Most banks want to be sitting at a 80-85% LTV so we would need a good appraisal to just cash out the fill 70-80K you need for improvements.  

Lots of ways to improve credit.

Is the rehab necessary before renting, or can the rental income pay for the improvements that would need to be done?

I do think that it will improve. 

New roofs have been done, sidewalks, landscaping, etc. with more improvements to come.  

I believe the owner has the financial resources to make the repairs and upgrades, and I think that would be a better way to go than encumbering his/my ability to raise rent as appropriate as the weatherization, and other improvements, are made.  

Hello, I'm always looking for ways to improve my community and to grow my net worth.