Cash flow is the money you have left AFTER paying all expenses, which includes setting aside funds for future maintenance, capex (roof, carpet, furnace, driveway, and other big expenses), vacancies, property management, etc.

New fence, new roof, new carpet and cosmetic repairs and cleaning.

My investor financed it with a private lender and made a GEM including a finished basement, Juliet Balcony, roof deck, and a cleverly made enclosed parking space in the back.

I'll be checking roof condition, AC, Plumbing.

That'd give me (3,954) in mortgage payments for cash flow of 8,836 - 736 monthly or 184 per unit.Feels good from a high level, but this old of a home I expect extreme capex costs in the next handful of years (no replacements to roof or furnace). 

The roof is shot; you don't need to know the property's history to figure that out.

@Troy Purvis I can probably connect you with my boots on the ground in KC, he is also a contractor and project manager. please PM me for details if you like. 

I have managed many units for years and have changed water heaters, roofs, etc so it isnt the fact Ive been lucky.   

Older properties can need new roofs, new mechanical, plumbing repairs, and other expensive things.I would look for existing multifamily with tenants in place and cash flow.

However, my recommendation is to reach out to local experts to give you more "boots on the ground" info.