These places are not in great areas, and the buildings are probably very old with a ton of deferred maintenance.

After lawsuit, the properties are handled by receivership that's handled by SEC.Now after three years of selling all asset, guess what, all investors are receiving 95% of their money back.

I've got a 5 month old and just started training for a half-marathon soI'm somewhat sleep-deprived and my brain isn't firing on all cylinders this morning.

Rent $12 /Year - including All expenses  Current owner spent - significant expenses on repairing HVAC - new condenser, Chiller ,Boiler Elevator Repairs 

Yes, every one of them over the course of 30 years, Why do you ask? 

Since the borrower had already signed on for $3 million, this was not an increase to make a deal happen, simply Peerstreet personal operating without any understanding of the loan industry and having no intent to listen to the consultant they hired and paid for.Anyway, Peerstreet made the $4.8 million loan, less than one year later it was in default.  

Is this 3-family free of cap ex for the next five years?

Think about the last 70 years.

That would mean you only have $38K of operating expenses each year, a 24% expense ratio. 

I am a 35-year-old physician living out of state with plans to return home within 2 years.