You will be paying well around 150 (on the low end) per Sq foot for a building that likely has some differed maintenance.

The post office will do this for the tenant for no (or maybe low if they forward) fee.

For a 36 year old building your budgeted repairs are probably too low. 

I wouldn't say that I am extremely experienced, but I have don't a few deals, and since you are only looking for the first deal, I think I can shed enough light for you.From the time I decided that I was going to be a REI, to the time I was signing a contract with a seller was about 4-5 months.

If so how will you invest in improvements while the rents are still low, with only $32/mo? 

Unless you come in with a great loan like VA that allows you to put nothing down and get a low interest rate.

Replace the toilet and sink and fixtures and you are good to go.I would add that for my market, this would only be a good idea for a low - medium grade finished flip, or a rental.

Even then rare...Having 100% extremely late sounds fishy.Bad news: you may have to serve some notices and carry the mortgage (all or part) in the transition.... and you may need new or more effective management.....Good news: you can refresh these tenants (i.e., not renew as lease ends or evict for non-payment); screen the new ones and emphasize timely payment; also you get a good lesson: give one tenant an inch and they'll all take a mile!

If your looking for a low doc, no doc, try velocity.

See Jay Z and Beyonce are just like regular Americans....except their mortgage is about $250,000 a month...They are reportedly billionaires but..I guess they wanted to lock in that low 4% interest.It would be pretty fascinating to see the financial records and income streams of some of these ultra wealthy folks.I wonder what type of real estate they might own besides personal residences if any.