You would need to do a walk through as the old tenants move out and document the property condition...

Is this amount accurate in current market conditions?

Originally posted by @Mary Ann Casey:My go-to spots have been Home Depot and Lowes, Oakland's Habitat for Humanity,  I agree - Habitat for Humanity usually has really great deals - we were able to pick up some $40 light fixtures for $5 and $75 fans for $10 - many things you can find are still in good condition - they have great deals on nails , screws, used paint ( it's not in the shape of a house)  etc.  

I find they could be covering up an unauthorized resident, property condition, or problem they fear they may be charged for......So it can compound a problem if you neglect these routine peeks in a unit.

Also I would conduct a inspection of the premises, bring along a 3rd party so no bs gets made up, and document the current condition of the unit with photos or videos.

What are the conditions?

Of course I would do all my due diligence on any decisions made and would like to know if there's anything materially wrong with what I'm suggesting below.I am interested in buying a property that needs to be fixed up but is in good enough condition to rent.

In 99% of the situations, the buyer has already viewed the property and accepted its condition before submitting an offer- they don't feel the need to run an inspector through for a 99 point checklist. 

It could also allow you to finance the property more easily, as you won't be dealing with the pre-repair value and condition issues that may make it more difficult to get financing.

What condition are the vacant units in?