The metrics need to fit your objectives and market.I understand your reasoning for looking for rent at 3% GOI, but be advised that in many areas it will not be a reality; in our local market you have to hunt hard for half that (1.5%).  

Dont purchase in half empty complexes.

Having to repair a roof for $5k, which is not unreasonable, will cut your interest income to maturity in over half.  

I'll be meeting with the park owner in half an hour to discuss how this situation would work.

Ask the realtor for the past 2-3 years of operational finances  ... s/he will either try to intimidate you away from wanting/needing them - in which case, walk away - or will provide you with a set of rosy, half-fabricated numbers {accept these with scepticism ... if you get in the territory of a deal, you will ask for corroborating information from his/her accountant or tax returns}.Once you have the financial data, take a run at analysing it, then bring it here for folks to review and assist you with coaxing the {likely} truth from the numbers.

-Roof - roof has a leak -Tons of water damage - mold is horrible in the basement- Walls are all beat up with holes everywhere( looks like their was a royal rumble in the house) - Kitchen ceiling is cut open- bathroom shower wall is ripped open and ceiling of shower is cracking- windows are leaking - kitchen floor is buckled up from water damage- Both upper and lower deck are in horrible condition( i was honestly afraid to walk on it) - Outside molding around windows is cracked and damaged- all outside lights are broken- carpets every single one is ruined- Bathroom sink is shot- Kitchen cabinets all have water damage- And again ill say their is a big mold problem so i have no idea how much that will cost.The condo has 6 rooms , 2 bed rooms , 2 full baths , 1 half bath 1280 sq ft.

For example, I had an inspection come back and the buyer had an issue with about 5 different items that they were scared about and I told them those aren't that big of a deal I can have my contractor go in and knock those out in half a day before we close, but to him (first time investor) that killed the deal because it wasn't in pristine condition.Especially for those that have never dove into investing from afar and investing for the first time I think sometimes there's a misnomer about what a property is going to be like. 

Half of them do not even know the correct process.

Here are the details on the property:Beds 4 Bed Baths 3 Full, 1 Half Bath House Size 4,530 Sq Ft Lot Size 1.3 Acres Year Built 2000 The property is not listed on the MLS.

Well here's what I figured out, using the first link as an example ($52k triplex, assuming 1 unit is vacant):-TaxesIndianapolis, marion county, 3.13% or $1627 a year, though there's a homeowner deduction that reduces it by half If I live in the house.