OR they are a very small, very novice "Ma,Pa" operation aged out, dilapidated, not really much there to be honest and after years of decline now retiring out.   

Are there age restrictions.In a senior community there is usaually an age minimum of 55+.

Proper planning for these uncertainties is essential.During your due diligence period, it's important to thoroughly assess the condition and age of all major systems and components in the property.

My friend tried to comply but the age of the property makes it impossible to get the property up to code other than demolishing and rebuilding the whole property.

I've been in the real estate accounting field for almost 20 years, and in my experience, it's helpful to think of the software you use in two distinct levels:Property Management (PM) Software: This handles the property-level operations.Dedicated Accounting Software (like QuickBooks): This is used for corporate-level accounting.Not all PM platforms come with robust accounting modules.

I use $/unit per year for each, and the actual amount will vary depending on age and condition of the property, the location, and the size of the property and the units.  

Be conservative in your rent projections and overestimate the repairs.I am not sure what the age of this property is, but I have found with older properties (mixed-use and apartment complexes), there are several variables that are typically not an issue with newer properties.

I get to the point of targeting a divorcing, male tenant with 2-3 kids, age 32-45, who makes between __ and ___, who currently live in ___ radius.

Two very distinct things

The first property I ever purchased years ago I sold last year due to its age and location.