For repair/capex i'm budgeting $201,140 ($9,143/unit). 

(well at least a day after demo)  The more you have planned out for them the more they can do with the walls/ceilings and floors being open before your drywall/framing etc slow down your contractor.Be prepared to double your budget. 

It's a great quick check to determine if it meets your 0.8% test (which by the way is similar to my budget).Another thing to think about is getting a 2/1 or 2/2 and seeing if there is a "bonus room" that can be converted into a 3rd bedroom.  

I am just worried that a 30k Reno budget may not be enough for what actually needs to be done to the place!

When it is behind a wall or between floor and ceiling, you will just budget to run fresh piping through those spaces.

The city implemented a $130 million budget for 7 specific neighborhoods and thats is where you get good ROI and appreciation.

They were operating just fine with their budget without your property being involved; so I am curious as to the justification for the back dues.

But your first home there or elsewhere might be a 2-4 unit and may not be far off.With some of the state budget cuts looming, there could be deals to be had if you can do the detective work (i.e., not the MLS but the asking around, networking etc).Either way, saving up a down payment and learning about real estate might be a good way forward.Best of luck!

My reno budget was 17k and I'm paying cash so no holding costs. 

My budget might just be blown.