How did it behave during the last crash?

If things are really on this extensive a level, I would be having a sit down with my R.E. attorney just to review things and get his input.

If I'm already going to be having to fix a lot of the main living area drywall, flooring, and balcony tiling, should I consider options to “enhance” while I’m at it to make the expense more worth it?

Nothing against Surry county, which is an absolutely beautiful part of NC by the way, but the RE markets in these small population counties in NC don't behave the same as the Wake and Mecklenburg types.

If you rent by room, chances are you are going to have higher cashflow than renting out the entire property as one.You will be having more than one lease in the house, so there are a lot more moving parts that can increase your chances of vacancy and maintenance issues.

I believe Brokers need to be having meetings with their agents and discuss these things at length Managing Brokers job to make sure their agents are being managed.  

The feature that’s most attractive to me would be having a unified payment system that could track and apply late fees.

For example, if you expect this property to be have a CAP rate of 10 after you repair and it comes time to sell, maybe run your numbers at 11-12 and still see if it would be worth it.

The nice thing about this place is when someone gives out that bad advice, they are typically called out by those people with more experience and better answers.I'll take the collective any day over the advice of one individual.Though, even better would be having a great mentor combined with the BiggerPockets collective knowledge . . . that's pretty powerful!

This will be having a value proposition that makes the experience that is better than expectations.