If you have to do any mechanical repair/replacement, windows, doors, hardware, etc., you will blow through $10K in a heartbeat

From my experience you want to make necessary repairs with a qualified contractor to baseline a property on day 1 so that all critical elements--roof, plumbing, appliances, and mechanicals--are fully functional and you have an understanding of the remaining useable lifespan.

The trouble we are having is in this area finding a good house hack, and also the actual mechanics of setting up a good deal with this goal in mind.

In addition you'd better know how the major mechanical systems were maintained because you were the one to replace them in the first place. 

Here is the analysis for this property taking into account it's a newer property built in 2002 with what appears to be a good roof/siding and solid mechanicals, 2.5% for vacancy, 38% for expenses/reserves (not shown), and a 5% CapEx savings rate with a $300,000 purchase price:Hopefully I am running my numbers correctly, which is really my main concern at this point because most every deal I look at is pretty terrible for COC return and cashflow.  

Think through the mechanics of inspecting 100 units in a matter of two weeks.

Some of the comment above are really good, especially on hiring Experts to look at the mechanicals, electrical and roof.Here's what I do for every property I invest or broker:Hire the experts for the mechanicals, electrical, roof and foundation.get 3 years of P&L, since this is a small property the owner probably doesn't have a P&L, ask for his schedule C tax returns, the bank is going to want to see them anyway.Current rent roll.

Mechanical engineer in research and development

New mechanicals in 2014.  

Thanks It can be anything from a second loan or a third loan or a HELOC or a mechanics lien or an IRS lien or a property tax lien or an HOA lien or a DEA lien and on and on.