Either or works Well just use this as a simple example 24 Unit apartment Complex ( B-  or C +  type  property Purchase Price - 1,920,000 ( $80k Per Unit ) may be low in this market Down payment - 25% = $480,000 Rehab - $ 6,500 per Unit ( some units  more than others ) = $ 156,000Common Rehab - Water Heater , laundry room if it has one , Paint of building , landscaping , windows , parking lot  , roof ( 10k - 70k ) This ranges a lot depending on the property Closing cost - 20-30k tax - 7,000 / year insurance - 12,000 ( wind n hail , general , fire  ) / per year Property Management ( 10 % ) = 2,160 / per month vacancy - 10 % = $ 2,160 per month Cap X ( fridge , window , curtains , doors , paint , roof , pavement ) - 1,080 / per month Landscaping - $ 800 per month simple repairs - $ 500 -900 per month common area electric - $ 300 per month Mortgage $ 7,500 ( 30 year amortization  , 4.75 % rate  ) Income - $900 per unit = $21,600 , this varies based on area . 

Check the siding, windows, doors and trim for signs of structural issues.

It likely needs new everything, new plumbing, new electric, insulation, new windows, new smoke detectors, and plenty of other cosmetic updates. 

The REO agents represent the banks and will disclose obvious maladies, but if a bank requests the agent to selectively forget something, it happens.

Don't forget you'll have PMI as an additional expense if you use an FHA.

They don't cover broken windows, electrical, or even plumbing. 

Do not forget owner financing. 

That helped minimize the number of tenants who forget to switch utilities. 

I ran this plan by two investors (one with quite some years of experience) and both told me to just get the rental property and forget about wholesaling or fix/flip. 

Basically they do a video walkthrough, count windows and doors that need replaced, measure linear feet of cabinets.