How to you quantify risk?

The pipes will be a constant maintenance expenditure, and the main is a ticking time bomb that will cost tens of thousands of dollars to replace and require emptying the entire building, and taking out the floor of several bottom floor apartments.The math nerd in me wants to quantify the risk - what's the likelihood of the main going while I own it (I only plan to own 2-3 yrs), how many replaced pipes per year average at what cost per break, etc.

Second strategy would to quantify your net proceeds from sale and if you could find something else that fits your needs but is a better "investment".

You can use that to help quantify what your decisions are, but then you must weigh that against the "human" factors: how far is it to work and cost in gas?

It depends on the property but with the right excel sheet, this can be quantified quickly.

They can also quantify the costs to correct the defects, and they might even find stuff that the inspectors didn't find.If you have your purchase contract written with an inspection contingency clause, you can back out of the deal if the problems cost more than you budgeted for rehab.

In CA we are fortunate that dues are junior, and senior property tax delinquencies are easy to definitively quantify.

My question is twofold: 1) Will this remove much of the protection I have as a buyer, and 2) For those of you who feel extra helpful, how do I quantify the repairs needed based on the inspection report?

Then to quantify the risk, I ran those through three economic scenarios: "good times", small recession (rents fall but prices remain stable), bad recession (rents fall and prices fall).

You might take a step back and have some conversations around setting those goals and how you quantify when you've achieved them.