Did work get done in the past without a permit that they discovered?

Between all the licenses I already carry for my current business endeavors in different states, I'm not too keen on adding another set of licenses I would need to possibly study, apply for and take a test for then maintain with CE credits in an industry I'm not even sure I want to take on with any meaning volume.  

Study the market.

I am currently studying for my real estate license and analyzing the local market.

After several years of studying and trying different methods, I’ve cracked the code.

We had a ton of investors go to Philly because the taxes are low, the prices are good, but you do have to study the blocks and drive them.

I also discovered damage to the roof and had to replace that, plus I graded and graveled the driveway and parking area. $24,000 worth of improvements, $20,000 in lost rent. 

They may go unnoticed for years - even decades - but when they are discovered, the ending has always been inevitable.  

There are numerous studies that support that graveyards/cemeteries affect a home's resale value/desirability.So, how can I say in one sentence that it could be a good deal and in the next sentence state that the location will affect the value? 

@Tammy Garst there is a specific, detailed study report you would need to achieve financing of such project, and generally city/county approvals on build.