You need to get comfortable enough with the numbers to be able to go with your gut. 

My gut tells me that you'll eliminate a number of possible good opportunities using this method.Alternative: Investors with expertise in certain markets can quickly determine whether or not a property is worth pursuing based on its price per 1 bed unit, 2 bed unit, etc. 

I took an occupied but run down unit off the market and did extensive reno, gutting 1/2 of it.

They had a point, but you gotta know in your gut when you've got a winner.

@Patrick Britton it varies depending on the contractor you choose, of course, but, for a 4bd 2ba sfr, you are looking at about 50k for a gut (add 10k if any roofing or tuckpointing is needed), 20-30K (maybe less if you get a discount on labor) if its just a few cosmetics but needs new plumbing or electricity, and about 10k for cosmetics only.

But my gut is telling me this tenant could be a problem down the road.Account Closed this tenants rent is $750.  

Most of my gut tells me that these are too many issues for comfort on our first property, and to find a new one.

My first instinct when I buy I house it to pay off the loan quickly, so as to save on the interest. 

Help them to decide whether to knock property down and rebuild and hold OR just do some additions completely gut and remodel and sell. 

I have no experience doing gut renovation, but if I can get that building for under 10k and toss say 70k into it, I may have a nicely cash flowing property.