Just be ready if there are multiple especially little dogs, there will be complaints from other tenants about the noise. 

Hi @Henri Meli when I had a lot of multi units in Durham & Wake Co, I could turn a unit for less than $2k, do a face lift for under $5k, and an in-depth upfit for less than $10k.

Bottom line, if you are trying to get a 2 unit to cashflow properly, especially in a hot market like Orlando, it's difficult.

To simplify things, I like think of repositioning MF properties as just flipping “bigger homes”, but I know it’s a different animal completely, especially the part of managing the income/expense game with inherited tenants.

As I continue to analyze properties, it seems that the expenses are eating up a large portion of the cashflow, especially when utilities aren't separated. 

Also, the whole 'can't check for leaks' aspect is a recipe for unhappy surprises, especially since it's clear there is water damage alreadyNow, all that being said, if you are looking for a property you can fix up and then rent or sell, and the seller is willing to drop the price to a level where your rehab costs won't destroy your returns, that's another thing.

I will definitely be checking deferred maintenance during the due diligence period and most likely there will be some needed.It's definitely not 100% turn key, there are most likely some renovations I can come in and value add, especially in the exterior and extra security to make the residents feel safe as it is a C class area. 

But If I had no clue about any zip codes, I would look at sales comps in the area and if the prices are stupid cheap or non existantant that may be a clue its not a great area and especially if any crime mapping shows high crime.

My concern is that I don’t want to be “low balled” or miss something on the deal, especially since this would be my first property.

Flood insurance can be costly sometimes (especially if you are working with someone who isn't an expert in the area of insurance)Most agents are generalist and flood is complicated to quote & write correctly so most agent (yes even in Florida are not experts in all the options).