To analyze you are looking at expenses to income, then the property condition and potential mechanical replacement cost.

The age of the structure does not really matter so much as the age of the mechanicals.

You're talking about a low income type area so you should probably budget that to be 15% of gross rents since it also needs to cover big ticket things like mechanical, roof, etc.

What really matters is what is under the hood and the mechanics.

This particular property came in at 45%, partially as it will have new siding, roof, some mechanicals etc....I also agree with the general feeling of many hear that you are going to have a bit higher turn over in a typical unit like this than a SFH.

Can anyone recommend a good mechanic  Dentist, hair stylist, etc.  

@Ben Smith,I understand your thinking on your target recipients, but the truth is people in trouble tend to go into denial as a coping mechanism.

Hi all, Starting with a little background on myself, 24 year old male recently graduated from Minnesota state university, Mankato with a BS in mechanical engineering graduated in May of 2017, currently living with my parents rent free in the twin cities area employed at a large corporation with a base salary of $28 an hour (which will be increasing to about 30 in 6 months) + overtime which ends up being about 50k per year after taxes which I am calming 0.

You'll want or have access to a good marine mechanic.

All this together will let me know if a deeper look is warranted.The danger occurs when you mechanically start applying the "y% rule" without a solid understanding of the underlaying fundamentals.