That hard work includes making the investments that the current owner hasn't made (nicer kitchens, new flooring, fresh coat of paint, etc.), removing tenants and marketing to new tenants.

The exterior got a fresh coat of paint, and I added modern fixtures inside to attract buyers.

The exterior got a fresh coat of paint, and I added modern fixtures inside to attract buyers.

(Foundation, etc)4) Black mold, asbestos, lead paint, other other costly repairs. 5) It need significant cosmetic repairs where the purchase price just isn't worth it. 6) They may have an odd layout of the rooms. 7) Non-compliant septic.8) Trouble with permits or tenants9) Listing agent has a poor or incorrect listing.

Your pictures do not paint a picture of what I'm looking at.There is a renovated 2bed/1bath right around the corner for $1,050 and it has a decent floorplan.

The paint is never going to be perfect and its far easier to pick up on imperfections in a vacant house.

Quote from @Alex Ng: I plan to purchase a property with an executory contract.

Both bathrooms need a complete remodel as well as the kitchen, the ceiling in 2 of the bed rooms are bowed (previous roof leak that was fixed) so new ceiling drywall, appliances, flooring, and paint throughout.

Expect to remodel kitchen and baths and put new floors down, paint, knock down a wall to open the floor plan. 

But it gives you a chance to get a fresh start....make your place nicer, replace appliances, new paint, get rid of carpet and replace with LVP, Etc....