Of course, the returns may not be as large as finding great single family homes but 200K can get you a nice portion of a large project. 

Do you have previous experience managing that size of property?

How do you handle the repairs portion?

What really matters is the size of the wood floors.

It's why you don't carve out and capitalize a portion of each monthly HOA fee for betterments, restorations, and adaptations to common areas. 

A 16 unit multifamily can qualify for a 35 year fixed rate loan under the HUD 223(f) loan program, however the fixed soft costs involved with that program generally are not economical for a request of that size.

If you post the existing size of the house this will help us better give you a ballpark number.

This is in Virginia Beach and there are no other homes this size and age in the area. 

@Gwen FyfeI agree with the other posters....do not buy Central Air and ask them if they want to be released....also....if the tenant walked through the property before moving in, they would have brought up to you that they don't see Central Air here, so where is it....so a small portion of it is on them. 

I love that most sizes are readily available locally in case I need to exchange and all come pre-assembled (for the same price as flat packed, or less).My only wish is to find unfinished cabinets I could paint in the same style and price point as Lowes' Diamond NOW Arcadia cabinets!