During the feasibility period you will want to:1) Perform inspections of the property2) Get estoppel certificates from all the tenants3) Get all leases4) Get copies of all financial information, including copies of all expenses paid for at least the last year.5) Get rent roll6) Determine if a certificate of occupancy is required, and find out if the seller has one.Those are a few of the items you will want to see during the feasibility period.As far as the HVAC, if the unit was installed in the 80's, it's well past its useful life.

Get a copy of those items prior to the work starting.

I currently treat those capex figures as dollars spent and put in a separate account that is solely for the big ticket items.  

Maybe 1200/mth for a 12-month lease, 1100/mth for a 2-year, or 1250/mth and an improvement budget to upgrade/replacement a few items that are outdated. 

If you are going to manage it yourself go over the trailing 12 month financials from the owner and look at every item to see what it would be under you.  

Hello- I am having some trouble qualifying for a traditional mortgage.

@James Wheelock, James Wheelock, Chad Hotovec, O'brian R.Here are some realities that I have found along the way.I had to do owner financing, I couldn't get an honest look from a traditional lender.

If work is behind, it's a partial payment for whatever item was to be completed that week.  

Unlike Brandon recommends (which probably works fine in his state) I can't just take the full deposit without first trying to fill the unit to mitigate losses and itemizing what the deposit was used for (additional advertising, number of days rent missed, etc.)

Asking price is $159,000, My issue is with funds to put down for traditional financing, I unfortunately do not have the resources.