The "no parties" clause prohibits parties that spill out into the common areas and/or cause a disturbance for other guests. 

The 'best' security system is the tenants themselves so if there is a 'disturbance', they come out to see what is going on and if something needs to be done. 

By the time you're done replacing rotten sheathing and re-shingling, who knows what else may get disturbed and end up leaking a few months down the road.

It's located in a residential area and for example if I were to offer it as a wedding venue, it could not be used for a night time wedding dance as this would disturb the neighbors.Three bedroom apartments rent for $750.I do not want to go to the expense of turning it into a duplex or triplex.I do not want to go to the expense of turning it into a home.Has anyone else done something like this?

Even for "qualified" prospects they would prefer their tenants not be disturbed after a long day at work (evenings) or a day off (weekends).   

What happens when they disturb the owner neighbors. 

2nd the  "quiet enjoyment" clause but you should cover yourself by documenting the disturbances.

Good Day All,I am looking to purchase a home that is being sold "as is", and has the common "do not disturb tenants" sign.

I noticed a disturbing trend--rentals which are priced at a level I didn’t believe to be profitable are staying on the market an extremely long period of time.After a little digging, I found several neighborhoods which appear to be completely saturated with rental homes.

One of ours in suburban Detroit has asbestos siding that a previous owner covered with vinyl. we were told the safest thing is to leave it alone/not disturb it.Are you looking to cover/remove for safety or cosmetic reasons?