The functionality is very limited. 

$xxx for a fully functioning complex - $yyy which is cost to take care of all deferred maintenance = $zzz which is my purchase price offerIf you have never done commercial loans before, note that you will not get a 30 year fixed type loan that you might for residential loans. 3, 5 , 7 and 10 year ARM loans are common and rates will probably range from 3.5% to 4.25% (based on rates today). 

Purchase price: $550,000 Cash invested: $50,000 32 Unit Apartment Complex 1 Mile from Greenbrier Resort-24: 2 bed/ 1 bath units (Current rents = $400-$495 ; Projected Rents: $650-700)-8: 1 bed/ 1 bath units (Current rents= $300-$400 ; Projected Rents: $550-600)-Purchased at 7.76% Cap Rate -Current NOI = $32,500/year-Mom & Pop Managed-Owner Paying Water ($28,000 Bill in 2018)-Laundry Mat on Site = Not functional-Purchase Price: $550,000-Appraised Value on purchase = $700,000Big Value Add Opportunity-Renovate units to bring to market rents-Repair plumbing leaks to reduce water bill-Bill back tenants on $50/monthly water bill-Get Laundry Mat up and running-Area CAP Rates 9%-Even at current 2018 expenses (we will have these reduced after Cap Ex repairs on units and exterior) we will be at value of $1.7million+ Plan is to bring NOI up, perform cash out refinance in 24 months maximum.

Actually, one of my favorite rentals is the ugly but functional rental that makes other people puke - the hoarder house; the cat-piss house; the roaches house.

-IMO, it would make the house more functional and the back area more usable. 

No offense, but your question here has proved you don’t know what you’re doing, as this is one of the most basic functions of a landlord.

Good character is not a function of income or credit score.

You could easily get three SFRs in the midwest that would function like one MF. 

BP has a vendor search function on the top bar that you can look up traditional lenders for your zip code.

CAP rates are primarily a function of interest rates and demand.