Loss to lease, credit losses, concessions, etc.CapEx seems high, but I don't see anything for repairs and maintenance, turnover cost, landscape maintenance, pest control, advertising/marketing, and general administrative costs.Finally, cap rate is market dependant.

I know on-going maintenance like landscaping is something to consider in costs too (do it myself, pass off to renter, etc).I figured this would be a great opportunity to learn the ropes and learn what I don't know with minimal investment up front (~65k).

I think the only time it makes sense to buy cheap properties is if you are an experienced investor with a large enough and diverse portfolio that can help absorb the problems you are likely to have with the cheap stuff.

You get diversity for a low entry point but managing multiple sets of PM's and remote investing can be very challenging.You find more professional companies for the management of larger assets but that takes a lot more money to invest.A lot of my clients are out of state or overseas even but they are buying commercial assets in the millions to tens of millions of dollars for size.So you would need to analyze what funds you have to invest versus your goals to see what avenues might be good to look at.

Just my opinion, but I would look for a building with a more diverse tenant base with an anchor business having the ability to survive a market downturn/recession.

Interesting  and diverse places to pick, too, by the way.

's SharkTank event a couple of weeks ago was a Landscaper who did Snow Plowing in the winter.  

Piled up newspapers, deferred landscaping and maintenance, yard signs, notices on the front door or windows of the home, windows without drapes or blinds, etc.

No inside furniture should be used outsideNo mortifications should be made to the building or landscaping without managements approval.

.* Landscaping (if applicable)