Hello and welcome to this site Benjamin! You did not state the building sites descriptions but I will try my best answer. I would recommend a 30 year amortized loan and pay it off early. If it's is really a good deal, financing will not be a problem. Not knowing the building type makes it hard to answer your question about deferred maintenance and the age of them. Does that effect its financial statements?
Is the existing Owner hiding anything? Make sure the sales contract includes a contingency clause that allows you to use your own appraiser and also allows you to walk away and you get sent any fee that has not been earned including any deposit you made nor any penalty, if the appraisal comes in too low or does not support the sales price.
One way to make more money is to offer the existing Tenants, if they have reliable history on their lease obligations, a "lease option" furnished by you. A Bank may have the lowest interest rate charged but does look at your worthiness the most to qualify.
Owner financing may be the best way to go. It's maybe the most negotiable. If you do not have enough of a deposit required, you could be provided a 2nd note of that amount and has a shorter pay-back period like 5 or 10 years
The other options included but limited to Seller Financing, Hard Money lending, formation of a Partnership, or a FHA insured loan through a national Bank, or a local Bank. Did the current owner give you actual detailed, monthly financial statement on a and not a Proforma.
Require at least the last 12 months income and expense statements. Review the actual leases and are the existing Tenants paying average rents for that area? Think of it like a long term investment. The most of financing that these projects can get and will be payed by rents, not out of your pocket.
Demand a visual of all apartments, do not accept any excuses. What is their location? Is there anything bad about that area? You might get a General Contractor give you the expected cost of the deferred maintenance and do not rely on what the owner says. I would hesitantly take anything said by the Agent.
Good luck to you!
Westport fix uppers? Southside KC Mo?
I would first try to get a loan if safety or code do not meet the loan, I will pay cash. I am unaware any lender will accept small loan for the work and time involved.
With $80K I can receive $170 per month interest safest put in a FDIC insured bank. Unless there are tax advantages most people will move on.