The water damage stretches from the header above a sliding balcony door all the way down the drywall on both sides of the sliding door and even to the abutting kitchen’s drop ceiling.

The reason I am ok with that is because I just spent $140K and updated everything - electrical, plumbing, roof, HVAC, windows, etc. so costs should be minimal for a while.

It is half below grade and very well finished with 3 egress windows. )Cost: $300k (contract) (Appraisal by the bank:$282K)Rent: Long-term rental: If I only rent 2 legal units min rent is $3200, if I rent all 3 units min rent is, $4K.

I feel more inclined to just make sure the property has good lighting, solid doors and I will have security gates on all first floor doors and windows. 

Code for your area may include plumbing, electrical, bedroom windows (proper height, width and clearance for egress), some areas require sheet rock around the heater and hot water heater. 

Plus another $3000 for security lighting, cameras, barred doors, etc..Crime stats are three times higher than Houston, you need to add security to have a good tenant and not have car windows smashed in.

Windows ? 

When it was pouring rain out there, I'd put in a box fan in the window, sit behind it, and blow my smoke out through the fan.

There's a lot of grifters and window shoppers out there.

This includes cap ex and windows many windows.