The owner is 72 and I think there is an awkward thing with his and his daughter who is a poor manager and he wants to wash his hands clean from this property.The other issue is because of poor management and because it's always been a family affair, there hasn't been a good record of financials.

They hold up well, wash out good and so far haven't thinned out.

And also with multifamily the owner is responsible for water and sometimes heat or gas and snow removal.If you have one or the other it can be a wash.

@Bryan Adams I guarantee it is not worth $60k as is, if he is trying to sell it to you for $30k if it was he could sell it in a day for $50k on MLS. 

Your NOI after expenses on a POH will be a wash, not worth the effort.

Vinyl Siding is a better option in my opinion, It looks great and is pretty easy to power wash yourself. skip the paint.

On the application that will be a wash, and you'll qualify for the same amount on your next home.2.

(They could have used a chemical to wash the stone down but many of those chemicals stain concrete). 

The HOA board is typically reasonable, but they do make people keep up their lawns, wash their houses, etc. 

Or was he chasing his rent a lot too?