I ran some numbers myself and although your repair and maintenance estimates are a bit low - I doubled them in my calcs - I also added the vacancy rate of 7% cause I always like be more conservative in my calculations - further more , to be sure its a good deal , you really should add the management fee cause otherwise you are making calculations based on you always managing the place yourself - ( which you may plan to do anyway ) however - I like to calculate what the cash flow would be if you had to walk away from the day to day operations and bring in manager   -  That being said - It looks like you are looking at roughly 934/ Mo in cashflow or $11,220 a year yielding you about 15.6% Cash on Cash return the fist year  - not a bad deal at all.

The 30 days due diligence allows us time to inspect each property, talk with the tenants, take good notes on repairs needed, potential evictions needed and any other damage control needed so we can get these up and running at 100% occupancy.

@Michael Corbin, you might as well say it: "ones that do double closings or double escrow - 'cause I got no money"!...

Make sure they understand how it benefits them- makes them more comfortable since there wouldn't be a draft caused by the door, explain that a rise in heating costs this year translates into increased rent for them next year.  

Lots of new MF has come/will come onto the market, causing rents to level off a bit.  

At the least, Id make him take out his own insurance, cause it turns the place into a business, and his customers can sue if they are injured on the property.

Cause I'm the end failures usually lead to more success,... as we all know and have hear throughout all the motivational books

I'm wondering how one might do their due diligence on such a property and if there's cause for concern with such a situation.  

Not that I know everything... cause I know I don't.  

Property needed major water damage repair inside (luckily is was very recent and white water), had I known,  and it would have cut the purchase price down to 60%MV.