Homeowner added 1800 sq ft out the rear and in the attic of original home.  

This is on the rear of the house.

The rear egress is not up to code.

Mold , rotten rear walls , plumbing and electric shot .  

I am getting COC's of 15-18% which is freaking me out a bit as I assume that is way too high, but at the same time, I am sitting here checking the numbers and trying to be conservative and still coming out with solid COC #'s.I feel like it is my first time driving and I just don't trust my side mirrors and rear view mirror at all.  

If you want to be more pro-active - drive your vehicle to that vacancy -Talk to as many neighbors as you can - let them know that you are interested in that property (or others that they may be able to refer you to) some neighbors won't cooperate with you since they may think you are a bill collector.Get the tax ID of the ownershipGo to white pages - search for the ownersPut a notice on the door for the owner to call youCheck to see if it has housing code violationsLiens - see if you can buy the lien and foreclose (or take an option to buy the lien - forecloses on your option)Check to see if it is in Tax Sale - contract the tax sale purchaser to see if you can take assignment of their positionCheck to see if it is in foreclosureMake sure you look at the back of the houses - talk to the neighbor at the rear of the housesFind out if it has been listed - by whom and for how long - call the real estate agent (they are the ones who know how to contract the owner) ask the agent "are you still accepting offers on that property?"

Property management is a pain in the rear. 

I sleep well knowing I have enough reserves for when, not if Murphy's law rears its ugly head. 

He gets out the rear-view mirror and laments the fact that he didn't choose top areas to invest in, but there are opportunities today to invest through a TKP in markets with historically strong appreciation and good cash flows. 

They also threw in an outside rear yard spigot... not in the scope of work or the bid, but whatever.