Added a 3rd bedroom new kitchen bath flooring paint windows garage door floors doors and trim.

You need to have enough to pay for several repairs per year and to build a reserve to do things like paint and carpet cleaning or floor refinishing.

The house has a lot of potential and just needs a lot of non necessity work such as refurbishing floors and putting drywall in.

Let's look at floors. 10 year life span.

2. main bathroom: the toilet wasn't flushing and will most likely need to be replaced. the tiles on the floor and along the wall were also showing signs of coming off and will need to be replaced. 3. flat roofing material has aged and will most likely need to be replaced soon. 4. water heater is working but has met its life expectancy; will need to be replaced soon.5. water supply piping has started rusting in certain areas and will soon need to be replaced6. radiator in the main bathroom on 2nd floor not functioning7. oil/water boiler has met life expectancy and will need to be replaced soon8. chimney shows major deterioration/damage from exterior and needs further inspection9. wood framing in the rear of basement shows evidence of rot. the kitchen is directly above this area of the basement. extent of damage could not be determined due to insulations and will need further inspection10. pavement in the back of the property have cracks that are leading rain water towards the house. we were hoping to renovate this so that the water is diverted away from the house.

Updates include custom kitchen, updated baths, new windows, new door, modern laminated flooring throughout with new baseboards, tankless water heater, new light fixtures, beautiful landscaping.

Likely get new counter tops and possibly new flooring.

I wanted to switch the flooring in one on the units only to find out that I had to not only replace the sub floor but all the joists as well. 

I didn't see any chipping paint, asbestos ceiling tiles falling down (ceilings are sheet rock) or 9x9 flooring tiles in poor condition that would cause anyone harm.

For the downpayment, based on my limited research, 3.5% is the floor.