Great schools and proximity to local businesses, shops, etc.

Adding on to @Theresa Harris do an actual physical face to face walkthrough with the guy and explain every item that was not done to your standards and why. 

My question for the group: should I manage an investment property that is in close proximity to my home, in this case, right next door?

@Bryan Devitt  From all appearances, this investor, like so many others, has found a person who is in a very bad way physically, mentally and financially and is looking to take advantage of them.  

So theres alot of upside and equity to be had, but if appraisers are just going by comps and physical condition (just as they would have with a 1-4 unit) then i wont increase value by cash flow improvements, ill only gain equity by replacing the windows and new paint, which i plan to do.

Also, as an aside, it seems archaic to me to require a physical signature and hardcopy of closing documents.

Owner filled out all appropriate paper work in timely fashion, including hardship letter with proof of physical disability and loss of job.

This caused physical and economic vacancy in apartments to rise.  

You don't need to amass all of your renovation skills at once, but you will learn your skills over time.There are three things you need to successfully renovate houses:Knowledge - Basic knowledge and understanding of construction means and methods.Skill/Ability - Physical skill and ability to put your knowledge into practice.Tools - Tools that help you perform certain trades/tasks & repairs more efficiently.KnowledgeI would say YouTube is going to be the most valuable resource to look up 'How To' videos and learn about renovating houses.Home Depot sometimes has workshops on the weekend where you can learn how to tile and do other projects, which might be worth checking out as well.Skill/AbilityOnce you have a basic knowledge and understanding of 'How', you can put your learned skills to the test.  

This will drain you physically, emotionally and most important...financially.