Also as Steve B. said they are most likely 100+ years old with original mechanicals (HVAC/Electric) which can be very costly to replace.So what do you guys think is it better to aim for $150-$200 monthly cash flow per door or a Cash-on-Cash return of >10%?  

I am involved in construction sales & operations on a daily basis and have a high level of understanding on how the business operates, specifically the mechanical aspect (my specialty).

My advice is that the mechanics of of doing the calculations are rather straight forward.  

Lis pendens is that SOMETHING is holding it up and about to be recorded... until you know what that is you don't know how to get rid of it (that is why they suck).. it could be a mechanic's lien or a tax lien or a fraudulent quit claim deed... all have different ways of being removed.The best way is to be able to prove it is fraudulent...

Make sure that the all mechanical systems aren't from that time.

Past property delevopemnt manager has filed $75,000. mechanics lien, multiple other liens, etc. would like too hear from past employees. thanks

Being new construction… mechanics liens may come into play here.

Also ask if they owe any previous contractors money and make sure that there are no mechanics liens on the property when doing your due dilligence.

I say that because if you are looking in B areas the properties and mechanicals are probably newer and/or in better shape.

(Roof, mechanicals, etc.) $33k may sound like a decent deal now but if your long-term renter decides to change her mind you may have a $15,000 rehab to do before you can rent it out again...and if the water heater or furnace goes out at the same time...ouch.