Do you have a a significant budget to get plumbing, electrical, mechanical, etc to the building? 

If you can’t quantify risk and don’t understand the mechanics of “weighted” average of expected return and range of returns (standard deviation) then you are at a severe disadvantage and should consider a competent investment / financial manager for your investment capital.  

Cash flow is mainly a mechanism of leverage in the deal.

We have a lease clause that plumbing issues caused by the tenant that are not the result of a mechanical or material defect in the plumbing material are billed to the tenant.

My educational background is in science, but my personal background is rooted in the Midwest where I grew up on a farm and gained a skillset in everything mechanical. 

Does the tax code say this directly or is this inferred from the mechanics of the bonus depreciation calculation?

The reason for this is because most mechanicals electric plumbing are more in line with today's code, and a lot of these properties typically need more cosmetic type of rehab.

Cash flow is more of a mechanism of leverage. 

The listing agreement would include within the commission property photos, a set number of “door-opener” tours, some hours of phone/Zoom consultation with a licensed agent to set a listing price and discuss offers, counter-offers, and closing mechanics.

There are 1920-1930 vintage properties  with recently updated mechanicals and a new roof and there are the same vintage properties that need work.