Subject property is a 14 unit complex,  built in 1980s,  decent condition with no major repair anticipated.  

Make the estoppel a condition that must be completed during the option period.

I'm a retired contractor  so poor condition is a plus.

They paid the rent on time all the time, kept the place in great condition, and never complained about anything. 

And could you give us the number of bedrooms + what condition it is?  

Don't be afraid to bring in a basement foundation repair company and get a quote to get the issues identified and fixed. 20% of 110k =  22k Down110k - 22k =     88k  Financed88k @ 4% for 30 years ===  Monthly Payment of $420  (principle and interest)Other Numbers you'll need:Property Taxes  (get on the county website)Insurance (just call an agent or ask owner)Repairs    ( Really depends on condition of property, 10-15%)Utilities    (get as many months of bills as possible)Property Mgt (even if you plan on doing this yourself)vacancy     (depends on market and property, 10%)LawnCap Ex    (depends on property but sounds high on this building) 15%These are VERY VERY rough numbers but lets look anyway...Gross Rent- 22,500 (assuming all 3 are rented at 625 and no washing machine income)ExpensesP&I-          5,040Taxes-      2,200 ( I figured 2% of home value)Ins-           800    Repairs     2250     Water       1800    (150/mth)          Look into heat billVacancy   1125Prop Mgt  2250Lawn         300Cap Ex      3375Total        19,140  22500-19140=  3,360   Cash Flow YearlyInvestment of 22,000 /  3,360 = 15.2% ReturnPlus tax advantages, paying a little down on mortgage, possibly appreciation, learn a lot.Location, Basement, Local Market, Comparable properties, and firming up numbers ALL need to be looked into.Let me know what you think! 

.#2  Property manager tells me the roof needs to be replaced - $4500 costs.At the time of purchase about 1.5 years I got a credit for $2000 for the roof because the inspection said the roof was in poor condition.   

Hi all,What is the best way (if any) to handle updates to a tenant's property condition documents after they have already moved in?

Both home are in excellent condition.

Cap Ex needs to be determined by property age and condition.