This includes owner-paid utilities, maintenance, repairs, capex, advertising, legal fees, etc...

The big thing you are overlooking is that when you buy something in that range of 20-40 units you will struggle with finding quality property management, which is why people go after 100+ unit deals.

Also keep in mind I factored in 9% between CapX and repairs, assuming the age on the major systems isn't too old. 

I.E, clean with a strong degreaser, scuff the surfaces lightly, and use a high quality paint like Sherwin Williams Emerald line. 

It is also because I maintain quality communication with my tenants and routinely do drive-bys of my properties, especially after snowstorms.

Hey guys,I’m located in NYC, and I was wondering if anybody knows of a quality class/program that can teach me how to invest in real estate the right way.

Being built in 1954 is less of a concern for me than than the quality of the renovation.

Also with a property manager already in place for the whole complex, I am assuming I would only be cashing in checks and signing repair bills. 

It has no bearing on what price the lender will agree to.Points to know....First, use an Experienced short sale Buyers agent....there are just to many things to look out for in a short sale.Find out how many mtgs/liens are on the property....many times a buyer has to pony up extra money to satisfy a junior lien holder, above what the first lender will offer them.Assuming all paperwork’s has been submitted, expect 30-60 days for bank to do a bpo and accept=counter your offer.Submit a gc repair estimate with your purchase agreement.If the comps are $200k, you’ll never get it for $80k unless there is a serious documental $100k problem with the property.

You'll immediately gain property management experience, rehab experience, acquisition experience, and experience in assessing the quality of assets.That sure sounds better than stuffing money under the pillow to pay off debt first.