The complex is eating almost 100K a year in utility costs.

They don't know whether the subject property or comps have knob & tube wiring, popcorn ceilings, cedar post supports, ancient plumbing, rust inside the electrical panel, floors that are out of level, foundation defects, termite damage, a failing septic system, well water that smells like rotten eggs or any of a thousand things that could drastically change the home's value and most of which are impossible to pick up from listing photos or tax records.They also don't know neighborhoods. 

-Money: unexpected costs can eat up the budget so if the house work costs more than expected and you need to reduce costs somehow.. then reducing landscape costs for example may be better for you than something inside the house.....

Even if they were going to waive everything else, no financier is going to eat the costs of administration. 

You have to deal with property management companies that eat into cash-flow.

These were all sourced pre-CV19, so eat the fish and spit out the bones.Ridge Lending All in One, first position HELOCAFCU does 80% LTV on NOO.

What if there is a large repair or vacancy - without any other income stream or nest egg your father is going to be strapped and stressed.

Do you tell everyone eating a hamburger that beef is subsidized too?

Older homes tend to fall apart so they just eat up more of the profits.

Diversification - You can own several fourplexes spread across your target market or across several markets as opposed to putting more eggs in fewer baskets.Liquidity - It's quicker and easier to both sell and refinance a fourplex than a larger apartment property.Appreciation - Many investors believe that fourplexes appreciate faster than larger apartment properties.