Maintenance / Capex for lower income large apartment from 1960

[Ben Mizes]

My partner and I are looking at a 128 unit complex that's made up of 8 16 unit buildings, with a average rent of $450. 

The building was made in 1960.

We're not entirely sure how much we should project for maintenance / capex every month, in order to make the right offer on the building.

What do you usually budget on something like this?

Thanks.

[Michael Le]

@Ben Mizes The problem with low rents is that the expenses become a higher percentage of the total income. Paint and toilets don't magically become cheaper just because you charge less rent. Whereas the expense to income ratio might be 50-55% in most class C properties of that age, you might be looking at 60-65% since your income is so low.