Low prices due to defered maintenance, excessive age or in need of major repair are probably not good with a VA loan and they are for sure not good for a new investor with limited funds.Geroge Taylor. 

Keep in mind that the scenarios below exclude any deferred maintenance (which may be considerable for a 45+ year old building), which would be applied after NOI ("below the line") and other meaningful details such as other income, vacancy, etc.Scenario 1 - Assume 50% Operating ExpensesGross Rents:  $89,400Estimated Op Ex:  $44,700NOI:  $44,700Estimated Value:  (NOI/Cap Rate) = ($44,700/5.22%) = $856,322Scenario 2 - Assume 60% Operating Expenses Gross Rents: $89,400 Estimated Op Ex: $53,640NOI: $35,760Estimated Value: (NOI/Cap Rate) = ($35,760/5.22%) = $685,057

If you need income now then you can't use tax-deferred accounts such as an IRA to invest, you have to use your personal savings to make those investments.

They always defer to a licensed tradesmen if anything dosent look just right to them.

The distribution will be taxable if this is a tax-deferred IRA.

We are working on the many deferred maintenance Issues as we go.

The payoff of a mortgage or debt is not considered to be a purchase of real estate and will therefore not qualify for tax-deferred exchange treatment.  

And while investing on a 401(k) sounds promising, it is, however, a not advisable way to save at all.A 401(k) plan is an arrangement where an employee can choose to take the compensation in cash or defer a percentage of it to his 401(k) account.

Roof and windows are old, and the property has a little deferred maintenance, but is in rent ready condition.  

They defer interest to the maturity or payoff of the principal which tends to hide problem loans.