The type of rooms students would need or skilled temporary workers, not drug addicts and alcoholics. 

I work with a lot of MTR investors and what I am seeing frequently with multifamily acquisitions, particularly with new investors, is that they often test the property just like you're mentioning, as a way to dip their toes in the water and see what works in their area and for their personal style.

However, after tenant moved out on 9/30/24, the pool for interested tenants was shallow and so we listed the property to test the market and ended up getting an offer at asking price within a couple days.

In hindsight I probably should have gotten an additional HVAC-specific inspection and tested the measurements for the actual washer/dryer space.

That has worked best for me, but it's always best to test to see what results you get.

You will have tenets who destroy your place, use it as a trap house or drug den and will accuse you of being a slumlord no matter what.  

The soil composition had to be tested and cleared before development could begin.

Quote from @Nathan Gesner: Unkempt lawns, trashy or broken down vehicles, mattresses and trash on empty lots, boarded up houses, bars on windows, dealers and hookers on the corners, the lack of stores or gas stations, occupied properties are dilapidated, etc.Or when Google maps shows stuff like this: If those are drug zombies, as they appear to be, that's an "F" class neighborhood where nobody pays rent and structure burnouts are common.

I hear a few have made money with him, but many have lost.I heard Joey was arrested for drugs, but haven’t heard much else.

Non paying tenants(as a newbie I did no screening), dead tenants, Silly fines from the city for nothing, attempted robberies where I ended up with the cops pulled guns on me. 30 recently released convicts as neighbors for a while, a jacked up 7' tall transvestite call girl/drug dealer was my least favorite neighbor.