I also realized that the management company had been doing slightly sub standard work, and a lot of the "repairs" were not of the quality I would prefer. 

All tile floors setup to be very low maintenance. old bIIldIng but most of the major work/ repairs have been done.Building is very near a redeveloping area, in 5-10 years should be a much nicer area of downtown, but they will still be low income apts.Its unique in the fact that it is surrounded by new buildings so it is its own ecosystem, if that makes sense.. problem is that ubless you dropped serious money into it its always going to just be what it is. low income. very small spaces, would have to empty entire building drop 100s of thousands on it and re rent with new image..

What is your estimated costs for repairs?

I’m go ahead and start saving up that 20% and see what doors open up for me.

It needs about $25K in repairs to make the property presentable/livable.

However, everything else about this property lines up very well, and I want to pull the trigger or move on asap, since I've already analyzed it forwards and backwards.Here are the details:625k PPcurrent monthly income $5,600, annual income after expenses (utilities, taxes, maintenance, repairs) is 46k, which would cash flow after debt service, but not a ton.However.

Should I be aware of potential headaches ahead should I pursue? 

One of the projects that are underway with Akron and surrounding area, where the City of Akron are doing a Tax Abatement for 15 years, with residential rehabs, and new construction, 5k or more in repair. 

Can one buy a property buy pre-renting for blocks of time ahead of the actual purchase?

Cast iron piping is an expensive repair or replacement too.Retrofitting old windows and HVAC are more costly too.I would recommend hiring an experienced property inspector who is familiar with older homes.