As an added measure, getting umbrella insurance would be important here for several hundred dollar which additionally protects you.

We went in with a laser tape and measured walls, cabinets and floors.

The floor settlement may just be a symptom of bigger issues.Have you measured the pier bases?

Carpet is measured in the square yard, painting in the square footage of the flooring space.

That building looks decently turnkey but I always factor in at least some upfront reno cost for safe measures regardless.

Climbing up and down three story ladders to measure and install is not my cup of tea.

I've rented to family friends twice, and both times I assumed it will end up unhappily (so far I'm 1/2 on that measure, with the second not yet concluded) just so I'm not surprised or disappointed at the conclusion.  

Get some rough measurements of the areas needing repairs.

IF/when we ever run out of conventional 20% DP buyers, sellers wont have the luxury of being able to choose their preferred financing so the low DP FHA buyers will increase in market share. unless the macro perspective changes or we have a flood of new housing inventory, I don't see things changing any time soon. even then, the FED has taken drastic measures to prop up our economy since the start of the pandemic, who's to say they won't continue doing so. 40 year mortgages could be a thing of the future to help affordability once interest rates go back up - https://www.housingwire.com/ar...

@Amanda Dallman CAP rates are a measure of risk and with the number dropping in these big cities, it seems investors are not convened about the tenant rights laws.