However, there are a couple concerns or things I'd like to get input on if possible:1)  The sellers own free and clear and haven't even listed yet. 

Tell them your concerns about it, a good agent will become your wingman/women in this field.

My main concern is the cash flow for the first scenario, but the BRRRR equity looks great.  

I agree with what was mentioned earlier, concerning your age.

Above 60% I'm generally less concerned and anything below I want to know why and what the plans are to correct.Budgets and P/L - If reserves are low, the budgets and P/L should tell the story of why.  

All units in both buildings are separately metered for both electric and water.The 1953 building I am not too concerned with as it is a bit newer and CB construction.

Hello everyone, I have started marketing in my area, but thought of a concern that I am not currently prepared for...

This is important because if you have to put out more cash for closing costs, this measure is going to change potentially significantly.Annual Cash Flow Before Taxes: $5,597.60Cash Invested (25% Down Payment): $61,475Cash-on-Cash Return: 9.1% (I don't know about you, but I wouldn't be super excited about this result.)To do a real analysis, you should be more concerned with projecting out cash flows and resale value as best you can and running IRR, but I think that the Cap Rate and Cash-on-Cash shown here at least indicate that the price is too high for this property.

I'd be concerned  about the supposed property manager.

Timing is a concern but trying to time the market is extremely difficult.