We uncovered it while doing some due diligence on another consulting job a year or two ago. 

@Yonah WeissBBA and specialised in marketing and sales.

These are owners that came to me looking for property management or sales and I uncovered the deal after talking to them.

Sometimes looks can be deceiving, the application will uncover potential issues if any.

I agree with everyone who says there are still deals out there we just have to work harder at uncovering them.  

Your municipality may also have rental inspection requirements that may uncover the violations.

I've built (uncovered) decks in the desert and just used a real expensive sealer, recoated every spring, and after 10+ years, still going strong...

After the plant shut, the property could never break free of 20-30% vacancy.We learned some great lessons. 1) Be wary of a property that is dependent on a industry (this is very hard but good due diligence can uncover a lot). 2) Have a contingency plan for every situation.

Even if the seller intentionally hides expense line items, couldn't you consult with an experienced property manager to do a walk through with you to uncover likely expenses?

I am hoping this thread can dig deeper and uncover some less obvious areas we all need to understand better.