You won't know what type of loans an individual property is a candidate for (depends on value and condition), but you'll find out the lay of the land and what kind of loan you can be approved for.And don't just go with the lender that your realtor recommends.

Things to consider are size/condition of the apartments, what utilities are includes, location, etc.

What kind of condition are the furnace's in?

Condition, size, bed/bath counts, amenities (pool, view, etc.) are all adjusted accordingly and knowing how much for each for your market is essential.Back in 2009-2011, most comps in my area were short sales or REO's, all of which in need of repairs, often major repairs.

It is in excellent condition and nicely maintained and landscaped. 

I definitely agree the price wasn’t made from the condition of the HVAC units.

@William Walker typical steps is to contact the lender or broker once you have a contract as the property fiscal condition is more important than yours for a commercial property.

With rental dwellings, Insurance companies have guidelines on Age, year of updates, condition, loss history, fire protection of the town, etc. 

That is not good and it speaks to the general condition of the wiring.

Diversity of renters, length of leases in place, property condition, and location can also affect risk and value, ultimately impacting the cap rate.When someone says a property has a cap rate of 5%, or that assets in a given area are trading around a 5-cap, they are talking about the return on that property.