Always use keyless entry of some sort not a lock box because that always uses the same code.

Ay minimum I would be at 10-15% for each of repairs and capital.Something simple like a turn between tenants can run you a month, a months rent to lease and $1,000-1,200 for painting, floor repairs, cleaning, new locks, filter, smoke detectors etc.We generally don't run metrics unless we are getting the property at the 1% rule, or can do some minor rehab to improve the rent/ARv of 1% or better. 

My PM is in the process is putting lock box and turning on utilites.We are looking to get quotes, paint, and finally list and rent it out.

I have the rental property locked in including closing cost right at about 30k.

Locked in a 3.875% rate.

@Martin NealI'm experiencing something similar but, were locked in for another 9 months.

Lock it up first, and give him a 10 or 15day  inspection contingency, that will give you plenty of time to find an investor and also research on the best possible strategy to profit on this deal. 

I’m trying to see big picture, beyond this first door, so I don’t lock myself out of more purchases while paying this first one down.

Any changes there could significantly impact the outcome.Lastly, 4.25% interest rate isn't out of the question, but again, you want to make sure that is a rate you have locked in with somebody, as a first time investor may be staring down something in the 5%-6% range. 

Another complication is current leases for example if the building is locked into a long term leases at a rate that's lower or higher than market then it could be a discount or a premium to the building valuation.The above would just get you an estimated value of the building.