Most of my clients made a lot of money in real estate and are done hearing about toilets breaking, roof leaks and so on. 

@Eric Bilderback I Don't know any 'rules of thumb' for this situation, but I would be most concerned about when the electrical and plumbing were redone, check the foundation, hvac systems and roof.  

Im an active REALTOR in San Diego county and have  been in the industry for over 10 years and would like to expand and learn the investing aspect of Real Estate.

It looks like it needs about $10k of work minimum to be in acceptable condition (needs new roof), $30k for full updates, but it's rented out anyway already for $2140/mo for the 3 units.

They might just barely pay it off with a 7 year if they're lucky enough to have a low vacancy and not have any roofs to replace or boilers/furnaces go out, ect.

hello,Below are pictures of a sunroom roof a contractor installed at one of my properties. 

Sounds like if you are willing to live there for 5 years than it could be a good deal for you - you will have a roof over your head and tenants paying down your mortgage - and 20k  grant doesn't hurt either.  

This could be on the ceiling or in the attic if it is the roof leaking.

Still needs new roof, A/C flooring, siding, new eaves, etc.

All units are in excellent shape.3- mobile homes $650 each metals roofs all in excellent condition.Everything is 100% occupied (except owners house) with many long term section 8 tenants.Expenses on the rented units ran right at $15,000.