As someone who is also from cost prohibitive NYC we chose to invest in the Mid-West. 

This includes cap ex, repairs (will a renter leave the property in the same condition you hand it off in?

I too am an AHP, AHPS funder and looked into a preREO on their site offered for $19k which they provided a $90k BPO in current AS-IS condition.

I am primarily concerned with completing renovations in a timely and satisfactory condition, so I foresee the selection of GC looming large in my project's success.

-Structural (foundation, wall, ceiling and floor)-Roof and Exterior(Roof Condition,Gutters and Downspouts, Siding, Windows and Doors)-Plumbing (Water Pressure,Leaks, Drainage, Pipes)-Electrical (Wiring,Outlets and Switches,Breaker Panel, Lighting Fixtures)-HVAC(Air Ducts, heating and cooling)-Water and Moisture Issues(Attic, Mold and Mildew)-Kitchen and Appliances-Bathrooms-Pest and Insect Problems-Safety Features

@John Clark haha in Albany Park there are now million+ new builds and 2 units in average condition sell 5-600s.

You can pick up a duplex in decent condition in a C-class neighborhood and hit the 1% rule

Normally when a  property is advertised as "cash only" the property is in poor condition and/or the seller wants to reduce contingencies and opts for a cleaner transaction.

@Jake Baker Love the approach of measuring the total offers that you send, if you know your strategy most of the time it is a numbers game no matter the condition of the market. 

I would remind them that the house is in the condition in which they rented it and they accepted it as is.