That's just tone scenario.  

The painted wood paneling looks great, and I like the white mantle to tone down the dark fireplace.

I will add basic updates to keep property current but that was off your list (two tone paint, modern lighting, clean/current flooring, wallpaper removal, resurfacing counters, etc.).  

Vinal siding, Rough looks like its going to need to be replace in a couple years (16 year old roof).The coin operated laundry brings in an additional 2k a year roughly.Taxes 12kElectric $500 annuallyWater/sewer 2k annuallyLawn/Snow 1k annuallyInsurance 2500 annuallyEverything else is sub-metered very nicely.Vacancy is pretty low, as there aren't enough rentals in the area. 

They have some restrictions, mainly they have to stick to residential homes and light commercial, but I've heard they can be a fraction of the cost of an Architect and either way your still going to need to get them stamped by the structural engineer. 

I know what's most likely to need maintenance and what will probably need repaired next (though there are always surprises).

I did a drive by and just from the outside I could see the house was going to need some significant work.

If you're not going to occupy you are going to need to come up with 20-25% down typically. 

If you have no experience you are going to have to find a fantastic deal and you are probably going to need to put a significant amount of your personal funds in the deal.

Much to the tone I am setting here, the issue there tends to be a stubborn manager or investor.