Property is in good physical condition but there have been some expensive repairs and all the utilities seem high to me.

It could be either a coop or a condo - in a coop you own shares in the buildings corporation that entitle you to occupy a specific unit, in a condo you own the physical space. they'll have either maintenance fees or HOA fees as an additional expense, and these can go up whenever the board voted on them.

On the income side, I would physically go out and visit the comparable properties, if they exist.  

I also want to find something that I can do should I not be able to physically do the remodeling anymore.

@Derek Caffe Aside from infrastructure , mechanicals , physical inspections , be sure to review the zoning/permitted uses and what you will need to bring to current standards if you are modifying it along with a survey and phase 1 inspection.

You can always put in the contract 'purchase contingent of analysis of financials and physical inspection of property'. 

A physical asset that has the ability to generate passive income is the greatest thing on earth.  

Just learn from your mistakes and turn any fear into positive results.Taking physical action is what you need.  

Be careful of the guy who says he self-performs everything.Preference to a contractor with a physical office.

Location ultimately will determain ultimate profits in owning physical RE assets.