That means bringing all electrical up to code and it may be worth more than what you can sell the house for depending on the location.If they are pumping water out of the basement - it could be a simple matter of putting in a $6,000 "waterproofing solution" (installing drainage tiles pointing water to a sump pump) to a $12,000+ repair of putting in structural steel to support a collapsing basement wall due to hydrostatic cracking occurring on the foundation.I would tread lightly on this deal.  

They are all at least $200 under market rents, and I don't know yet how many new roofs, HVACs, if any, windows, electrical updates may be needed yet. 

For example, are there HOA fees, how much does gas, electricity, and water costs per month?

Also with the house being built in 1947, I concern that they may want me to bring it up to code with electric and plumbing; which my blew my budget.

With older homes there may be some deferred maintenance and maybe some unseen big ticket items that could come up like plumbing or electric.

I currently own and operate an electrical contracting company and a general contracting company.

Who do you call for your own home if you need help with plumbing,, electric,, heat,,, this is a good start for vendor list and then on to asking family and friends.. 

I've become really interested in the general workings of a home (structure, plumbing/heating, electrical), and I consider myself to be pretty capable of doing certain repairs and upgrades on my own with the help of google.

This was the best timing, and i just couldn’t believe that if you put the time (MONTHS AND YEARS) and energy (mentality and focus) you can truly do whatever your minds sets you.

I've been doing rentals for years and I want to save my time and energy.