Even though it needs work, there may be someone willing to take on the repairs as tenant buyers. 

If you are getting a quality tenant in that area and you already have instant equity the long term return of holding it would most likely be the best verses selling it as a flip.

You'll run your numbers based on taxes, insurance, repairs and cap ex once you get rent rolls. 

I am allocating roughly $100/month per unit to go towards repairs and capital expenditures. 

Additionally, I saw you didn't have anything on there for CapX, is that because you plan to fix everything with your $15k repair budget?

If there's any way I can be of use, I have a pretty unique skill set that includes proficiency with computers, automotive repairs, as well as writing/editing.

If there's any way I can be of use, I have a pretty unique skill set that includes proficiency with computers, automotive repairs, as well as writing/editing. 

The new repairman says it's the compressor and it will take 2 weeks to repair. 

In order to finance your purchase AND repairs (work completed up to that point), you will need to have owned the home for 6 months before you can use the new appraised value.   

@Brad Penley some suggestions I always try to get my client to take when buying a property that will require flood insurance due to your loan is, 1) make sure you understand if the property has ever had a flood, If so what year and how the water got in the structure and if the damage was repaired, also good to know how much the claim that was paid.