They are 1600 sf ranches with walkouts basements 3/2, covered deck, granite, tray ceilings/archways, etc. 

With a first walk through I'm more concerned with risks than benefits of adding rooms/baths, etc, because I'm looking for buy and holds not short term flips.Biggies (for me, other people will have different lists): foundation issues, roof issues (look at the roof itself and any signs of water damage on ceilings and walls), mold (beyond a little where things need fixing), leaks in showers that are hard to get at, squishy subfloors around toilets and tubs, termites, knob-and-tube wiring, ungrounded, two-prong outlets, no central HVAC (this is all about your location, some places this is fine), and to a lesser extent water heaters.Heavy duty foundation or mold issues I would pass up, the rest I would consider in my offer price. 

Another house we were interested in we drove by weekly and saw the cabinets, air conditioner, ceiling tiles, etc. being removed a little each week. 

There are stains in the ceiling of my bedrooms, closets, and bathroom.

It had a roof leak that damaged the interior ceiling which was the responsibility of the HOA.

It had a roof leak that damaged the interior ceiling which was the responsibility of the HOA.

. ;) We may be reaching the ceiling however as rents have been increasing more than wages recently.

-She didn't report a leaking toilet and it caused the ceiling of the bathroom floor below to collapse and I had to pay for expensive repairs.

So I have to think about "what ifs" and ceilings and basements too for the numbers.

Some still smell nicotine requiring ceiling to be to be replaced.