Here's what I'm looking at:10 units 9 2bd & 1 1bdOffer price - $125k*Currently vacant*Needs roughly $60-80k in work- There is only sheetrock, plumbing, electric, and subflooring- I'll need flooring, doors, trim, casing, paint, appliances, cabinets/countertops, light fixtures, duct work for existing HVAC units, other misc. itemsI'm in the process of getting a few bids for the work, but it'll be at least $60k easily.Here's what I'm thinking in the way of financing:20-25% down, commercial loan (if they'll loan on a vacant property needing this much work..????)

As far as repairs it looks to be mostly paint and other cosmetics like re sanding and staining the hardwood floors which id do myself

Supposedly an investor buys a property needing minimal work (think cleaning and painting) then lists it on the MLS for retail sale.

P.S. i am currently a fulltime commercial/residential painter so maybe we can work out me painting some properties for dirt cheap and some investor wisdom =) lets connect!

if it's in the lease, you make references like, "Gee, I'd sure like to allow you to paint the rooms purple, but our lease clearing states..." or something like that. 

If the Murphy bed is removed, the wall would need to be left in good condition (Holes patched and painted) If the sellers can't do that, then they have no business removing it.

The unit would most likely end up being rented to college students. here are the details:Unit 1: 4/3Unit 2: 2/1Unit 3: 2/1Current rent roll is $2500Estimated expenses including vacancy(5%) maintenance(10%) and capex(5%) are: $2300If possible I would like to roll in PM if the math makes senseA few details I think make a huge difference:1 meter on the house, so utilities are included in the rents2 HVAC units, 1 is for the 4/3 and the other is for the other unitsPorch needs some minor structural repairs.The house needs interior paint, and some minor repairsShe hasn't raised rents in 6 years, and I know they are extremely undervalued.

You can get some real world experience cleaning, painting, maintaining rental properties.

So cap rate purchase is generally low and you are hoping for increased rent growth to further yields unless you built the complex from the ground up to own then you might have a 10 cap rate to cost versus buying in the market for a 6 for class A apartments  with little operating expenses.Watch out for (newly renovated) properties where some syndicators and sponsors do rehabs on the cheap but the expensive items are fixing to go out after you own it reducing yields heavily in future years.Newly renovated to these sellers might mean carpet,paint, some lighting fixtures.

The exterior paint is fairly rough currently and peeling off.