Take a deep look into the contract.

In every market there are professionals that specialize, or have deep experience in renovation loans like the 203k.

I’m renting 1beds in Deep East Oakland for $1975.

He pointed to the tiny pores on the surface and said they were meant to breathe and allow moisture to escape.

This is a pretty deep renovation, far from anything superficial. 

If these are long time rentals that this owner has held for a long time, I would really dig deep into the deferred maintenance.The numbers you provided make sense, but if you buy them and then immediately need two new roofs, two havac systems, updated plumbing and wiring, this could change the numbers significantly.Always remember just because a rental is rented, doesn't mean that the location is up to standard.  

Apartments are almost never bought with all cash except for deep value add that no lender would touch.So, all deals I invested in are bought with 20-30% equity (investors' money) and 80-70% loans.On the first deal, there were about 30 investors.

Well last week after finally receiving all my lumber quotes and doing a deep dive analysis I was able to purchase all the lumber needed for both my home builds.It roughly took three days of analysis but I was able to save 30% on my lumber purchase based off my highest quote.The savings is enough to cover both the installation costs.Bennie 

For California, NJ etc and other states that have their own, I wouldn't hold my breath.

What I do, is take a deep breath, sleep on it and think of ways to solve problems that benefits you and the person involved.