It may also require some boring into concrete and treating the interior walls by plumbing fixtures.You should seal up the exterior to prevent rodents if that has not already been done. 

No plumbing no financing unless it is a rehab loan.

- how can I learn more about plumbing/electric/ect?

That way, if he makes substantial changes to electrical/plumbing/structural items and ends up moving out, you'll be assured those "improvements" were actually improvements and not liabilities.If the current resident ends up backing out of the deal, you don't want new tenants moving into a house that is unsafe. 

Tree removal (causing foundation and possibly plumbing issues)Re-sod backyard (big mud pit due to tree and dogs) along with french drain installation.all new flooringFull gut of at least one bathroom - probably bothFoundation issuesMyriad smaller repairs (broken doors and door frames, etc.)That's not minor cosmetic issues.Sorry, this is probably more of a rant than an actual question, but it is really annoying that the agent was so clearly lying to my face. 

I have my contract with my HVAC and plumbing as well as electrical as to what needs to be done.  

We are talking electrical, plumbing, flooring, carpet, doors, kitchen, bathrooms, sheetrock repair, 3 40 yard dumpsters full of debris cleanup becuase the contractors were nice enough to use his property as a dumping ground from other projects, furnace, water heater, even STAIRS down to the basement/garage because they were gone.

MY EXPERIENCE:>15 years property management(budget planning/investor interaction/property maintenance>Running/managing a crew of up to 8 >Managing project renovations up to 300k>Skilled tradesman (Painting, Carpentry, Plumbing, landscape, finish work of all kinds)>Budget planning >Vendor negotiations>Putting together investor packets>Underwriting real estate for investment fix/flips  

- Submeter all-bills paid units- Put in a RUBS program to charge tenants back for utilities that aren't separately metered- Standardize the paint, carpet, vinyl, countertops, light fixtures, plumbing fixtures, appliances, etc. for each unit- Replace old windows with vinyl windows- Have American Leak Detectors or another such company look for any water leaks, which are not uncommon- Allow cats (maybe pets, but it could be a mess) at least at apartments with no common areas as long as the tenant pays a nonrefundable pet deposit and monthly pet rent (say $25/month)- Perform preventative maintenance (i.e. changing furnace filters and checking for leaks), don't rely on the tenants to do it.- Pay a little extra for a really high quality sign, which will increase the attractiveness of the apartment

That assumes touching every surface and major upgrades everywhere (e.g. kitchen and bathrooms), but not replacing all mechanicals, roof, electrical, plumbing, etc.If your numbers are accurate you're buying at 84% ARV less repairs, as pointed out by Jeff S Na.