However market conditions do often warrant the need to adjust strategies.

Sure you can adjust the percentage up or down depending on your market, but if your goal is to invest for cash flow, then it seems like you need to meet a certain baseline rent ratio before an investment will warrant further consideration.If that rule is met as a screening criteria, then you dig in and start running the more detailed numbers to determine if the returns are actually there to make the investment worthwhile.

I'm troubled by the amount of distrust of agents, though I unfortunately have no doubt that much of it is warranted.

I wouldn't be buying with a quit claim deed.General warranty deed- Warrant through the whole time of the property existing.Limited warranty deed - Warrant from the time the seller has owned it and nothing else.Quti claim Deed- Whatever interest someone has in the property they give it to you.The key here is whether a title company will write a policy on it or not.Most sellers who want to limit warranty will use limited warranty deed.No legal advice given.

What I'm looking for is a second opinion on the financials provided as well as what the next step ought to be in the event the "numbers" warrant further investigation.

.), and you can rehab it without breaking the bank, i would say it warrants a more detailed investigation.

I don't have any buildings large enough to warrant that.  

Even if the renovations were substantial enough to warrant a drastic change in FMV?

I know it's not cut and dry, and definitely depends on the nature of the problems.I would think a water line break or sewage backup would warrant an immediate response?

I understand your frustration, but I think 5.5 years warrants the replacement of carpet.