The "hot" markets are going to be really tough.Beyond that are the units outdated, exterior neglected, or some other deferred maintenance or management issues?

Also, depending on the outer exterior block used- it could be quite weak.I echo what others have said about plumbing and electrical.

Expenses include maintenance at $200/unit or $800 total (Courtesy Patrol, Exterior Building, Grounds, Insurance, Water and Sewer) and water averages around $125/month total.  

Regarding Condo Exterior repairs, it is also common for a major repair to require additional funds over the HOA dues, so a Special Assessment is often levied.   

Framing, roofs, exterior, plumbing, electric, ect. 

We did a pretty extensive renovation to the house- kitchens/baths gutted, new appliances, new HVAC, new plumbing, new windows/exterior doors and new lighting.

I already walked through the property and the only thing I could see is that it definitely needs a new roof, and it has water stains on the ceilings, so I am going to estimate for cosmetics and other repairs around $32,000 max for the interior and exterior updates.

Probably something simple I am missing or the deal just doesn't make sense.3 condos, the owner has 14 out possible 48 in this complex and if the deal goes through may lead to more deals with her.the condos are 1/1, 2/1 and 2/2, she is asking 76k for the 2 2/1s and 64k for the one bedroom. total 216k, she would hold a second position note for 30k with me putting down the remainder of the 20% down (13,200) and pay closing costs. she would like 6 payments, one each year of 5200 for 6 years which comes out to 31200 total, about 1.5% interest rate if my calculations are correct.For simplicity, I am counting the 3 as a triplex, so rental income is 2325/month, tenants pay for electric and gas, HOA of 185(555) per pays for water, sewer and garbage as well as exterior and common area maintenance, snow removal, grass cutting, etc. taxes are 266 and insurance is 50 month (HO-6) policy which I hadn't heard of before.

We replaced all exterior lock and key doorknobs with the Schlage keypad entry locks.  

I'm interested in hearing your ideas on what improvements you'd recommend for the exterior of this 4plex to improve curb appeal.