After doing all that, if you are positive every month (i.e. income exceeds expenses), then it is probably a good deal, although the amount of return investors want to see annually varies from person to person.BP has a wonderful calculator that helps you to determine all of this.

It makes sense for older multi's to have just 1 main service, however it's kind of annoying that you fit the bill for somebody letting the toilet run all day.Also get a really good gauge on the neighborhood, and of course get a full inspection top to bottom, including sewer.Each lender is different and will have varying methods of how they decide what / how to lend.  

Of course, your mileage may vary.

I have some free time available and am OK with putting in some time to make this happen.To me, these require two completely different approaches to investing, and so the numbers will greatly vary on your metrics as a result.With respect to your comment "Otherwise why would someone sell it?"...

I understand there is a limit to how many private money lenders you can have at one time, and it varies from State to State.

It varies each states & sometimes even within cities or municipalities in the same county. 

The expenses seem a bit low, but they just did a lot of capital improvements which may explain that number.As for what to expect in maintenance costs, well that varies of course but nationally for multifamily naahq.org publishes repair/maintenance costs at 3.7% of gross rents.

That's usually something the agent will have in their back pocket in the event the deal dies with the first offer.The response time will vary, some of them are quicker than others- there is no set timeline.

The house you are purchasing is the collateral and they each vary on what they will lend.

Better yet have a few contractors give you estimates.Or you could buy j scott's book on estimating rehab costs.The main thing is to know what you need done to the property, what rooms, etc and have the contractor give you an estimate.Pricing is all over the place and will vary by contractor.One good rule of thumb I heard brandon say in a podcast was to double your repair estimate and if you still do ok then it's a good buy.