Everything else has to be refreshed : Floors (carpeted, heavily spoiled and cat urine odor) Ceilings dry-wallWalls dry-wallElectrical is out of date (knot and tube all over, electrical panel needs replacement) Risks: Sanitization (cat urine smell, potential for pest problems)Structural integrity not checked (unable to check in a timely fashion due to deadline)Evidence of water damage on main floor ceiling, extent of damages unknownNo smell of mold in basement but knowing the city history of flooding, this is uncertainPlumbing looks recent but it was hard to be absolutely sure of this assertionThe reason I decided against in the end : too many unknowns.

They apologized and said to use the dehumidifier and air blower until it dried.

The cause was a rotted pipe according to the plumber.

Keeping it dry, safe, usable and not too scary is the plan.

Dry rot too.

What happens if you have a dry spell and can’t rent the place for two or three months?

To many people leave their "plans" open ended and it slowly bleeds them financially dry.

I, personally, would reserve $100/mo. for capex in your situation.One thing most folks miss in this stuff is the waste line to the street unless its brand new your going to replace it for 3 to 5k as well over the life.. along with plumbing fixtures etc and maybe even a replumb under the house along with dry rot etc..  

Deep gouges or broken/rotted needs replaced.

In a couple of years, the only evidence that anything existed here will be that the grass over this spot with dry up faster in the summer during a dry spell.I think you could get any of the three options for under $2,000.