That’s why I’m thinking this duplex would rent at $1200 if upgraded nicely. 

Therefore, you plan to do some upgrades like: new kitchen, new bathrooms, paint, refinish hardwood/upgrade flooring, finish basement, add bedrooms - whatever it might be - then you could improve the value.

It looks like the initial returns are below what we would target, but there might be potential with some improvements to the property.Asking: $220KDown: 20% ($44K)Initial Improvements: $15K (minor upgrades to flooring, bathrooms and kitchen)Other potential costs: $20K estimate to separately meter units (current landlord pays utilities at $375/month), $23K to renovate basement into additional unitGross rent today with no upgrades: $2415 / Rent estimate with minor upgrades: $2600 / Rent estimate with upgrades and additional unit: $3200 - $3450Assuming 8% management fees (confirmed), 8.5% vacancy, 11% maintenance, 10% capex and accounting for snow removal and lawn care, the triplex only cash flows $186 total/month ($63/unit) on current rents and $356 ($118/month) on improved rents.

Upgraded interiors and exteriors and raised rents and decreased expenses What was the outcome?

If you’re planning on doing a value-add deal, the property manager will probably get involved in renovations and upgrades as well.When you have a large property, you are able to attract a more experienced and qualified property management company due to the fee that they earn.

What scares me with condo's is the lack of control over choosing when to sink money into large building upgrades like roof and exterior as that is controlled by the strata (I think thats the same as HOA fees in the States).

The lender decides if they want a full inspection appraisal or a drive by.If the property has a lot of upgrades, or otoh is in poor condition, they should not be requesting a driveby.

In addition, we did so many upgrades to that house that the market value increase significantly in the area.  

My list - get a septic upgrade quote, get a renovation quote, negotiate with seller, find the money... what am I missing?

Any cosmetic upgrades you can make would be huge.