I guess the thieves don't know about it.

Because the city won't turn off the water...sure I can turn the water off in the house, but the thieves(aka Baltimore city residents) just turn it back on and continue to steal.

The thieves wait til they figure you've had time to replace your computer/TV/whatever and then hit you again.

Also remember if you advertise that you are rehabbing a home with signs in the front yard you are advertising this to thieves,  code officials,  and teen trouble makers as well.  

The more security you install the more likely thieves will think there is something of value you are protecting.I would stick to the basics of locking the doors and applying a security sticker.

Most low level  thieves don't know the value of tools, nor would they know everything in there to determine if it was worth breaking in.   

The city attorney's office seized the property from the landlord due to the 16 outstanding orders of abatement on the property. 3 occupied, 1 vacant and 4 "guest rooms" in the basement that was overrun by druggies, drug dealers, bike thieves, etc.The 3 occupied units upstairs were vacated through several different strategies and one case of dumb luck on our part.Only one person in the basement claimed tenancy with a lease.

smile you're on camera"    You can also go an Amazon and buy a "Surveillance Camera that looks real" and mount it over the doorway.....potential thieves see a "camera" and the last thing they want to do is be seen starring carefully at it trying to figure out if it's "on or even real".

I know more than a few folks who are leaving because it sucks to pay $300k+ for a home and then spend your time trying to figure out how to keep yourself and your possessions safe from thieves, while you are watching junkies shoot up in the street.

However, if you come from a family of thieves who also know about flipping.