Grey is the new beige.Greys with white trim (interior and exterior) is what sells around here.  

They pull 3 active and 3 sold comps in addition to completing an interior evaluation of the property with an initial breakdown of needed repairs to get the property in resalable condition.

There should be adequate interior and exterior lighting.

I am aware this list should only be used as starting points or "areas of research" towards more detailed and specific DD, but would still very much appreciate if you can let me know whether or not i am missing a significant area of research.The list as it currently stands:Collateral File BPO & exterior condition (as indication of interior)Property insurance up-to-dateTaxes due & Tax liensTaxes & property insurance escrowedNeighborhood crime rate & other neighborhood safety statisticsOwner has all necessary insurance policiesIs owner occupied?

Remember that it is a rental and not that it will get beat up, but it will be....lived in.Besides, I think interior paint being affected by lingering odor from the smoker while he was smoking outdoors is a bit of a stretch.

Biggest expenses will be roof repair, flooring, exterior and interior paint, some replacement windows, and cleaning/sealing the interior due to nicotine stains/odor.

We were finishing the interior the same week the tenant moved in.

More realistic exterior maintenance is $18,000 and each interior rehab is going to be about $11,000 (Like I said, they're in pretty good shape as is - mainly just updating). 

Home is brick/stucoo exterior, that is in decent shape-- Interior is a different story!

@Kevin Reid This sounds like a decent deal depending on the interior renovations, assuming the exterior and structure are in great shape.