Other units in that complex which were not up to date recently sold for roughly 90k and further distressed condos have sold for less. 

I appreciate the replies, including the PMs I received.I think in the back of my mind, I knew it wasn't going to be that easy, but you never know until you ask questions...Beyond just the complexity of the situation, regardless of the risks, the other problem I foresee is that the "predatory" nature that might be construed from this could shine a negative light on my real estate rental business as a whole.  

After that,  I would like to focus on more of larger apartment complex, but do not feel that I could manage everything while still working full time.

I've found that anything that cash flows (in theory) will always require rehab of some sort, pushing actual returns way down.I bought my first 2 family house back in 2013, and am ending up in the midst of a major rehab right now, after realizing that it really needs to made more up-to-date / be a comparable product to some of the new apartment rentals & complexes that have been springing up all over in LI...

I have envisioned myself owning an apartment complex with 64+ units and the potential excites me.

Just looking for a gut check from other landlords/property managers.I denied an application last week because the applicant owed ~$4K to a former apartment complex.

What's the typical payback on let's say a 100 unit complex (tenant paid electric except water heater/furnace) where you offer electric to the tenants?   

The complex needs to be large enough to support on-site staff or most money people won't buy in to the project. 

I have been a landlord since 2012; I'm up to four houses and a sixteen unit apartment complex.

I have a condo under contract that I would like to try to sell to other investors in the complex.