. (;-) are you sure you are not missing a Zero on the Purchase price - $145,000)$30k for cosmetic renovation on 8 units sounds low. i just did basic to reasonable standard (check my BP blog) and it costs 5k per door. no new kitchen or bathes but re surfacing and granite tops., Viynal planks hardwheres thorough, signage and light fittings, fencing etc.

We also resurfaced the carpet stairs with white oak treads that came out beautiful.

So right now I would learn about the business, and watch for the opportunities which will eventually resurface as rates and housing prices (hopefully) come down some.  

So we then  painted the whole joint, repaired the rotted fascias, replaced the ancient AC/heater, new pool pump equipment, new concrete driveway to replace the crumbling asphalt, new landscape, updated bathrooms (resurfaced shower, nice, new cabinets/sinks, but off Craigslist), more new flooring extended throughout the entire house... even some upgraded pool furniture and a nice BBQ outdoor kitchen as we were told we are in a high end area that requires these types of amenities. 

HOA is healthy and lots of repeat renters but there is currently an assessment levied for resurfacing and painting of the exterior.   

It was bought by an investor six months ago for 180k and he did a lot of repairs (as mentioned above) and it has all resurfaced or new hardwood floors and upgraded kitchen and baths.

Some of the other buildings in the area might have low vacancy due to location,rent prices,amenities,etc.4.200k in reno with 5k per unit is light.Unless these need just carpet and paint,resurface of the parking lot,and updating of mechanicals the cost is likely to be much more than that.What year was the property built??

Lots of deferred maintenance, parking lot needs to be resurfaced, pool not clean, siding needs to be updated, etc., all of which seem cosmetic and manageable. 

I was screening a tenant and I couldn't verify previous landlord and the tenant gave me there last bill which had everything they were charge for dented refrigerator, resurface tub and others items along with braking the lease (I was going to approve this person) but I was persistent and finally got in contact with them they just said in writing that they owed money so I denied because of that. 

It did end up meeting the reserve and has not resurfaced on their site.