There should be absolutely $0 in deferred maintenance and all systems as well as roof should be up-to date or near beginning of lifespan at a minimum.  

I would say the 5,4,3,2,1 is most common on long term loans (10-30 year terms) but by far the worst structure would be yield maintenance rather than a step down.

Hopefully you have maintenance and vacancy and cap ex accounted for among everything else. 

Four unit class C building with deferred maintenance.

I was looking for a low-maintenance first property so many small updates were needed.

A contractor - someone experienced in renovation, repairs and maintenance of the properties you buy.

Maintenance is minimal with a rock garden and tons of perennial flowers.

I own a little over 130 units and we do well cash flow wise, however it can be difficult maintenance wise since so many homes are older and the barrier to entry to become a contractor in the state is so low. 

@Stephanie Ro I actually went for a condo because of the best money for the bed/bath combo that is the largest factor in price renting to students, and also exterior maintenance and landscaping and being able to offer a pool/volley ball court/basketball court that checks the boxes for the kids. :)

I love your book list, you could add the One Thing from Gary Keller, it changed my morning routine and helped move our company forward.