They also provide both heat and cooling. 

Hi Joshua,I would like to invite you to the next BP event in Portland, more info here.On October 11th people will be meeting on the outside covered (and heated) patio at Fire on the Mountain at 3443 NE 57th Ave, Portland 97213 to discuss real estate topics and the booming Portland market.Hope to see you there!

This means a roof that does not leak, hot water available, heat and air conditioning, and good plumbing / electric.  

There are two oil tanks in the building, each heating two of the apartments.

HOC: Atlanta Property Condition Report Item Description/Condition Item Functionality Functionality/Test Notes_____________________________________________________________________________________________________________________ Cooling/Air-Conditioner: Damaged --Heating/Furnace: DamagedHVAC tested and functional?

That's 3 hot water heater, 3 roofs, 3 heating/cooling systems, 3 of everything... including 3 crappy tenants all somewhere far away. 

We pay for heat and water.

Closed December 1, and had no heat.

The roof, master shower, and carpets throughout need replaced, and although the property is structurally in good shape and the AC\HEAT is in good condition, the house has never been updated to today's modern look.I want to walk away with 40,000 in cash but I am afraid that after the projected closing costs of $13000 that include the realtors $9600 commission I wont get the $40,000 because it needs a roof, shower, and carpet.   

@Jen TeskeI don't know the area so I can't speak about the market you're in, but just by looking at the #s, you're missing a few things: Water, Sewer, Heat, Electric, Gas, Trash, Lawn/Snow removal, Cap Ex, Property Management (even if you're self managing, this needs to be factored in if you want to scale), and although you did include vacancy, if a real vacancy were to occur on a SF you'd have a 100% vacancy, making it negative cashflow since you'd have to cover all the expenses, not knowing when it'll be filled again.