Most of the older homes were over engineered however they also are more likely to have been abused meaning too many layers of siding or roofing or crappy electrical or plumbing splices here and there.

His building needs a roof, air conditioners & interior renovation.

If you look at 8 houses, and you are reviewing all at the end of the day, you can tell where one ends and the next begins,  We also make sure not to take too many pictures. 8 max of only the high ticket items, roof, windows, kitchen, electric panel, kitchen, baths, furnace, ac, front and back, andything unusual,  i dont want a picture with a hole in drywall that will cost 25.00 to fix, no pictures of carpet of paint, or things we will replace in every house.... always a couple photos for perspective. 

I mean, the places I recently looked at are lower end neighborhoods are $550000 with foundation and roof damage, where the rents would barely cover the mortgage, these would be investment only properties.

The roof is tarped.

I doubt repairs are only 2,880 per door with 104 doors.Carpet and paint alone depending on unit sq ft size would eat up 2k a door.I haven't even gotten to  mechanicals or the exterior parking lot, roof, windows, water and sewer laterals, and  a host of other issues depending on when the property was built.You can have big rewards but huge losses if you do not have the experience.  

Finally now I am financially able to pursue that ambition.I've worked in roofing, siding, building, locksmithing, had a contractors license, have a degree in engineering, and currently work in aviation.I have already read a ton of threads on this forum, and I am looking forward to learning more from all of you.Anyone in the area, or who knows this market, please feel free to contact me.Thanks!

Hi Folks,Seller declined our conventional loan offer (225k, full asking price), seller and her agent don't think the property will pass appraisal/inspection process (needs roof/siding/decking work).

@Sean Pincus   Sean wish it was that good out here in Portlandia  24% is rare.. 10 to 15% is customary I just hit a 20%  and I have bouncing off the roof with Joy !! 

The numbers are as follows:Sales price: $115,000Insurance: $452/yearTaxes: $1252/yearUtilities (gas, electric, water, sewer, trash) (Unfortunately two of the units share a meter, so these are paid by the landlord for simplicity sake): $300/monthRents: $1645/monthThe roof has been replaced within the last year.