I'm going to have a floor guy take a look to be sure, but let's assume I can't re-sand and I'll either have to put new flooring over the old original floors or just tell the next prospective tenant, that's how the floors will be, which lowers the appeal of a very rentable apartment.   

deals will be what you make of them - there is nothing magic about going thousands of miles away just for a slightly lower price point. 

How long are you going to own it and when will you try to sell it?

Also what are solid reasons/hardships I can list in my rezoning request that will get it approved?

A lot of lenders used to apply 35% for expenses, but in the last several years, the numbers for supplies, labor, utilities, taxes, etc… have increased significantly.Also take into account the age, occupancy and how has the property been maintained, this will affect the expenses too

The cleanout is about 10-15 feet from the curb, but they had to snake 70 feet, suggesting a potential city sewer issue.The plumber mentioned that if I report this to the city, they will likely request a secondary cleanout closer to the curb, which I would have to install at my expense (a costly job).

Best of luck, you will be crushing it before you know it!

Simply regrouting will have another crack show up in a year.

Quote from @Josh Deschene: Hello All,This is my first post and I will try to summarize as clearly as possible.

Essentially, instead of being able to write it off immediately, it lowers the purchase price for tax purposes, meaning depreciation will be calculated on a slightly lower amount over time.