I've sold HUD Homes (as the buyer's agent) where the buyer's FHA appraiser required new floor coverings, new paint, roof inspections, a bathroom remodel, and a whole laundry list of repairs to meet the PCRs prior to closing. 

With a condo at least I won't have to worry about the roof and exterior maintenance. 

Details of the property: Property consists of a 29 unit storage unit made of cinder block and metal roofing and two single wide trailers.

On the north side where I work, I am much more concerned about loan limits and the self sufficiency test (only for 3-4 units)  I think in all my years working exclusively with 2-4 units only once was something triggered by the FHA inspection, and it was a flat roof the seller sealed off access to decades ago and hadn't been up there to even check on it in 20 years. 

Hard to say without seeing the property itself and knowing how old the roof, etc are, but you may want to consider allocating 10% to capex or maintenance/repairs instead of 5%.Hope this helps, best of luck and let me know how it goes if you do submit an offer!

It has new everything... plumbing, HVAC, metal roof, flooring, bathrooms, kitchens, paint, cedar beams, cedar shutters, vaulted ceilings, landscaping.... everything!

My capex budget includes but not limited too: roof 25 life span, floors 10 year life span, appliances and hot water heater 12 year life span, hvac 20 year life span, bath and kitchen remodel 20 year life span, etc.

I would be concerned with the roof, plumbing, and HVAC.

The property has 2 unites, around 1,600 sq ft and is going for $65k Apparently the roof is less then 7 years old but upon inspection it was discovered the roof has fire damage.

A new roof or ac unit may not be too obvious if snow covered when the appraiser comes out.