this sounds like a bad situation.My suggestion is to start with looking at this from a pure investment scenario first (where both units are rented), and if the numbers work (I seriously doubt the do) then look at it from a owner occupied angle.

etc.Then if all sounds good, I schedule a showing.Then I tell them how to apply.

Replacement Reserves: What's the average cost per unit, and what conservative figure should be used in financial planning?

Does this seem like a sound strategy? 

I know that must sound horrible but let me explain.

Sounds interesting! 

It may have a 70-year-old sewer line, or it could have been completely replaced ten years ago.

You need to know what a decent conversation sounds like, what a typical caller should be able to do every day, week and month.

This will sound really egotistic... but you will be surprised how much is out here that is complete ludicris once you actually stop and LOOK what is there.

There is no emphasis placed on expenses which disproportionatly impacts NOI in lower tier assets and pays zero attention to the useful life on major systems which may be barely hanging on and in need of replacement.