Keep your overhead as low as possible.

You will be paying well around 150 (on the low end) per Sq foot for a building that likely has some differed maintenance.

The post office will do this for the tenant for no (or maybe low if they forward) fee.

For a 36 year old building your budgeted repairs are probably too low. 

If so how will you invest in improvements while the rents are still low, with only $32/mo? 

Assume high quality product engineered hardwood (but not necessarily the highest), and professional installation.

Unless you come in with a great loan like VA that allows you to put nothing down and get a low interest rate.

Replace the toilet and sink and fixtures and you are good to go.I would add that for my market, this would only be a good idea for a low - medium grade finished flip, or a rental.

If your looking for a low doc, no doc, try velocity.

See Jay Z and Beyonce are just like regular Americans....except their mortgage is about $250,000 a month...They are reportedly billionaires but..I guess they wanted to lock in that low 4% interest.It would be pretty fascinating to see the financial records and income streams of some of these ultra wealthy folks.I wonder what type of real estate they might own besides personal residences if any.