Most of the housing stock dates from postwar through the 80's,  so lots of mid century type stuff with good bones and fairly modern systems but ready for its first major overhaul.   

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This unique renovation will add the modern design that we pride ourselves in bringing to each project and our communities.

I would spray paint (little cans) the tracks and install more modern ceiling tiles.

You may also be opening up yourself to very costly remediation.As long as you don't disturb lead paint by chipping, sanding, cutting into it, and as long as it has a good coat of modern non-lead paint, you should be ok. 

It actually sound like a Modern-Day Assumption Loan If you ask me, minus the bank.

Owner pays for water and yard maintenance ($150 a month combined for both).

Originally posted by Account Closed Hi Joe, using a combination of cash with networking for off market deals, sheriffs auctions, hunting for distressed properties and the good old MLS.

I am planning on painting it more modern colors, furnishing it, and marketing it as a corporate rental or month to month furnisehd rental once the current tenants leave.

I don’t want to carpet because of installation costs  and maintenance costs but i hear that it combined with good quality padding will help reduce sound significantly.