Meet me in the woods or on the water!

Either or works Well just use this as a simple example 24 Unit apartment Complex ( B-  or C +  type  property Purchase Price - 1,920,000 ( $80k Per Unit ) may be low in this market Down payment - 25% = $480,000 Rehab - $ 6,500 per Unit ( some units  more than others ) = $ 156,000Common Rehab - Water Heater , laundry room if it has one , Paint of building , landscaping , windows , parking lot  , roof ( 10k - 70k ) This ranges a lot depending on the property Closing cost - 20-30k tax - 7,000 / year insurance - 12,000 ( wind n hail , general , fire  ) / per year Property Management ( 10 % ) = 2,160 / per month vacancy - 10 % = $ 2,160 per month Cap X ( fridge , window , curtains , doors , paint , roof , pavement ) - 1,080 / per month Landscaping - $ 800 per month simple repairs - $ 500 -900 per month common area electric - $ 300 per month Mortgage $ 7,500 ( 30 year amortization  , 4.75 % rate  ) Income - $900 per unit = $21,600 , this varies based on area . 

@Patrick Reagan The age doesn't matter as much as how it's built, what it's been through (pests, weather, water, bad flashing etc), if it's been retrofitted or improved over the years and the condition of the material. 

How old is the water heater and HVAC?

Forgot to mention an entirely new high efficiency combi heating/hot water system with new baseboard throughout as well.

In this case we had to tap in to city water because there was never a home there before. 

Will the city require you to install a new underground water service pipe? 

That and I probably got every known cold virus during my undergraduate years at Penn State Erie so my immune system is ballin' with virus DNA.Things we should worry more about: GMOs, Roundup, mosquitoes, a government drowning in debt and printing more money, fluoride in the water, 5G, bad landlord laws, worrying where our food comes from. 

It covers plumbing, refrigerator, electrical, heating, water heater, oven, A/C, the dryer, and smoke detectors.

Talk with a local insurance agent.Despite what the listing says, most MFR do not have separate water/sewer.