Needs $27k of renovation work: electrical, plumbing, painting interiors & cabinets, fix external rails, add roof cap.

Also keep in mind that combining your finances with you wife for a bigger multi-family using FHA or similar loans might end up better than 2 separate investments--1 roof and as much as 4 units.

No only will you be updating4 bathrooms (4 x $5k = $20k)  and 4 kitchens (4 x %10k = $40k), you likely will be updating electrical and water and HVAC, maybe the roof and floors too. 

Also any leak from the washer will ruin the ceiling downstairs. 

How many tenants can you put under one roof?

I am about to close on a property contingent upon inspection and according to the disclosures “NW corner of property was regraded to control water”.I have not seen property as I am out of state but will see through vi...

When looking I found a house that looks somewhat promising, but currently has solar on the roof that the seller is renting and the buyer would have to assume.

.-- Owners maintain the property so those who cannot afford to do it have a roof over their head that does not leak (an un-doable repair expense for "The Working Poor"), and replace furnaces so they don't freeze to death in the winter, and replace hot water heaters so they can wash.The working poor cannot afford to buy furnace, let alone the price of installation.There is not a renter/owner problem in the USA, other than what is being artificially gined up.The system works well for both sides.Just my 2 cents. 

Make sure mechanical and roof are good.

The more liabilities it has the more the HOA should/will collect such as roofing, pools, maintenance of roads, parking, gym, etc.