Even cash-flowing properties could be undesirable for a bank’s risk appetite for refinancing.

The seller had strategically purchased the building to remove an undesirable landlord from the neighborhood but had no intentions or interest in repairing it.

See guidance at the CA department of consumer affairs (http://www.dca.ca.gov/publications/legal_guides/lt...).When purchasing a property with inherited tenants, I will aim to keep the existing tenants subject to two things: 1: do they keep their place up appropriately, or are they undesirable to the environment I want (ie: I have decided not to keep a hoarder who kept 4 animals inside the house and had an adult child living in their garage, and a house where one of the tenants was dealing drugs) or b: the unit is in reasonable shape and does not need a full rehab.If I decide to keep a tenant in place, I will generally do work around the property and in their unit before I proceed with a rent increase.  

If something has been sitting on the market for too long, odds are that the price is too high and/or there are some other undesirable features with that unit.Once I find comparable listings, I'll usually put them into a spreadsheet and look for patterns, this lets be go back and look at what other people posted once the listings are removed.

The nice thing about the White Mountains is that area is busy with people vacationing almost all year long except for the "mud season" (April) which is when things quiet down. 

The ability to deal effectively with undesirable residents. 

Currently has gravel (or mud in some places) and cattle panels for dividers but they don't go all the way to the ground so people can literally just crawl under the panels if they want.

By putting the pad in place in the fall, we can build the building anytime of the year, even throughout the winter or during rainy/mud seasons.

Is there anything about the location that is undesirable?

If you bought in an undesirable area/neighborhood then this is a bigger problem.