If so, should we then plan to replace/upgrade it?

Also add some type of upgrade to the unit to show a favorable exchange of value, increase rent due to this.

Value add will be added by pushing rents through operational efficiencies and also by doing light unit interior upgrades as units turn.

upgraded the interior, repaired the pool and repainted Lessons learned?

So go in k owing that if you want to make the place nicer, you're going to have to upgrade the property and the tenants.

It may take 2-3 years but at that point you'll have the income to qualify for a VA loan on a multi-plex and ample funds on hand to handle repairs, upgrades, and vacancies. 

However, this is a sweet deal for a first home buyer with great upgrades.

It needs:New roofSidingNew kitchenWood floorsNew driveway New bathroomNew windowsAdd bathroom in the basement but no need to finish the basement High hats throughout house New boiler Reposition door from side to the front since there was no real front door Upgrade electrical panel this is projected to be a 100k rehab for a house in a cheaper area and I just want to know if that sounds relatively accurate or too high. 

If you do like your job, then I'd look into syndication or note investing as you realistically don't have that much time to dedicate to doing anything active.I have made the conscious decision to focus less on upward mobility at my company so that I can dedicate my time and energies to building cash flow so that I can live the life that I want. 

The asking price is great with new upgrades.