After driving through the back alley, the back unit has been tagged and needs a paint job, as well as security lighting and maybe a spray-paint-resistant coating?

You will quickly learn to do all the little things (changing light bulbs, tightening handles, putting up blinds).

@David Light- thanks for the suggestion.  

Chesney The multifamily space is really hot right now, but you can still get great rates from local community banks or even the larger banks.I would say typically right now:Term: 5,7,10Amortization: 20,25,30Rate: 4.3-5% (Stable deal good occupancy)I just closed on a 48 unit, 13 vacant apartments (6 down/7 light turns), got a 75% LTV, 5.25%, 6 year term, and 25 year amortization.

They gave me some ideas of what they would have done, what somebody they know has done, etc. and it sparked up a light bulb in my head.

All that remains is the lights and soffit, which will hopefully be removed this weekend. 

I'm confident I can assign this for a quick 8-10k to one of my contractor buyers however I'm wondering if I may be passing up a better option by purchasing and doing light rehab and sell on rent to own or if I may be better to look to sell on sweat equity.  

Zoning: Light Industrial. 

Looking to converse with someone who has done or that is doing deals, and maybe can shine some light on getting started.

@Steve VaughanCan you shine a light on my assumptions outlined above in the response to @Neal Collins regarding section 121 exclusion?