Is the electrical service up to date, roof good to go, mechanical (boiler/furnace) systems alright...

It does sound like Dent is putting too much emphasis on one factor (baby boomers).

I'd take a closer look into the mechanicals.

Hi Account Closed with hard money, expect less of an emphasis on your credit score and really no check on your personal income. 

I have seen to many investors miserably fail b/c they buy dated homes with old mechanicals and they simply do not make any money on a leveraged purchase b/c their homes sit vacant and they are eaten alive in maintenance.

It will also depend greatly on the building itself and the age of the mechanicals etc...

Generally, you want:Asbestos/Lead abatement, if necessaryAll DemoStructural repairs/updates (foundation/under sized framing), if necessaryUpdate/replace mechanicals (rough plumbing/electrical, etc.)Replace windows/doorsTile/hardwood floor installationDrywallTrim/cabinets/plumbing fixtures/other tilingPaintCarpet/Final light fixturesLandscapingDepending on the job, much of this overlaps, happens concurrently, or moves slightly.I feel for you, 3 kids in a work zone...phew.

Most contractors think that a mechanic's lien is a big deal and that they can use it as a high leverage point, but to the experienced investor it's really a non-issue if you know your way around the legal system. 

They are an additional remedy to the LL to make up for not getting the rent on time, and not a mechanism to relieve the tenant of the duty to pay the rent on time.  

CapEx & Repairs really depends on the state of the building, you might have to budget more than that depending on the status of the capital items, mechanicals, level of wear & tear by tenants.