A lot of these units may have updated electrical panels and some piping replaced with copper or pvc for drains but I still notice quite a bit of older wiring and piping mixed with newer stuff.

New PVC drains connect to 4" cast iron that connects to clay lines underground. 

I am hoping on our next deal they will come down on interest a bit.Ok, so here's what the house looked like before we bought it:So far, we have painted the exterior, all new vinyl windows, new exterior doors, new garage door and opener, installing French drains and a sump pump due to there being a bad ground water issue in the crawl space last spring, new roof, opened up the kitchen, put in a french door, replaced all the wood flooring, tiled in bathrooms, framed in laundry and mechanical, shelves in the pantry, all new interior paint, heated flooring in master bath, can lighting.

You want to gauge how quickly they're filling vacancies since that can really drain your cash flow.

It will drain your enthusiasm and empty your soul.  

You lose money on the flip, or it takes a while to get it sold, thus draining your resources.

A HELOC or any other equity drain is going to only allow you to withdraw up to 80% of the equity.

When I had the home inspection for my two-family there was an open sewage drain on the floor of the foundation.

I am in that camp ...) unlimited ice melt for each unit in winter (again, win/win as they can fling away if they find a slick spot, reducing risks and helping)) flower baskets hung in spring (then I even let them adopt an annual to water so I don't have to drive by and check them)...) responsive service and active maintenance ( maintenance is also about tenant satisfaction, so I try not to lose a good tenant due to a slow drain, broken closet, loose door knob, etc)Finally, I think it was Leigh Robinson (or maybe Jay P.

Its in a nice area but the seller just let his house go down the drain.