-you generally have to buy a severely distressed property at a steep discount. 

The pros is it's got a great exterior with steel siding and a new roof. also has a 1200 sqft shop that is insulated.

Maybe they do everything by the book but they never address the roof leak and they decide to walk away from the property now that roof leak is your responsibility again.3.

They also put a tarp on the roof, which didn’t fix the leak and charged us for that.

Unless you do upgrades to depreciate, like another roof, large appliances, AC unit etc.

Age of roof, electrical, heating & plumbing systems?

Unemployment through the roof, millions losing their homes.  

The HOA funds are limited and if something happens, there will likely be a special assessment; roof and/or exterior paint are the big ticket items that are near end of life according to building assessment. 

Per home it goes away with one ac unit, or new roof, or a month of vacancy at each property, especially with unit turns. 

This has put a cut on our cashflow and we have had some major expenses, like a new roof,  water heater, bathroom remodel, and kitchen remodel all done at the 3 bed house.