Needs work but new light floors, paint all that black woodwork to white, privacy fence etc and she could shine.  

It came out to around $125 / month cash flow, not GREAT, but for a first property it's a base hit and gets me in the game.HOWEVER, here are the main issues that came up from the inspection that really concern me:Horizontal cracks in the poured concrete basement foundation on the back and left side of the house with what looks like attempts to patch it with stucco in the pastKnob and Tube wiring throughout the entire house (concerned about getting insurance)Galvanized piping for majority of water supply lines (low water pressure throughout house)Leaking roof from chimney (need to install cricket) and fix upstairs unit wallsOne of the furnace flues is completely deteriorated and needs replaced, currently releasing some levels of carbon monoxide into basementOne of the water heaters is from 1992Some water intrusion damage in main electrical panel and one of the breaker panel is a Pushmatic styleThese are what I conclude as the big ticket items.

The spaces vary is style and size and are on the 2nd floor of the building.

Tenants category B- to C+ 2nd floor details: 3 rooms + 1 bathroom + Attic.

This was paid off several times & the last guy put in a $15k kitchen, complete with granite counter tops, all new hardwood flooring, some appliances & due to his business failing, separation/divorce & just giving up we took it back & paid the current tax arrears of $4k.There will be many opportunities & cash will be the deciding factor, in fact this week we agreed to HML/finance a foreclosure for a fellow investor. 3 rental properties on 16 acres for the asking price of $59k, CASH.

this investment property that I was doing research on and even been in contact with the city where its located about possibly adding another bathroom to the home(its inherent flaw in the floor plan) to turn into a investment property someone made a offer on which is problematic because I was already amidst negotiation on the property and pulled the permits from the city where its located to add the additional bathroom on the property, someone tried to swoop in and and make a offer on it according to realtor.com. 

Ask questions about the flooring, systems in the home, plumbing, etc.

This is typically a combination of concrete/block and metal studs.  

The house is in rough shape so we'll be doing a good bit of work:  new roof, windows, flooring, cabinets etc. 

I had a half-vacant duplex I purchased where the upstairs tenants were doing their laundry and evidently the laundry for their friends/family as the washer and dryer (owned by the tenants) was running multiple times a week for hours on end when I was there rehabbing the first floor unit.