You are probably looking at a building ready to collapse under it's own weight.

A buddy of mine who’s family have been residential and commercial contractors in the valley for more than 40 years said what’s happening is when the market collapsed in 2008 residential construction came to a complete halt.  

One big caveat here, in the wake of the Miami condo roof collapse, it sounds like there are a lot of HOA's that have put off raising due's or capital expense costs that are scared to get sued for neglecting their buildings, that are likely to raise dues or issue special assessments to fix things now.

Too many have collapsed with the weight and can become a liability for a rental property.

Anything unimaginable can and often does happen to collapse the deal.

If those were issues, they never would have gotten anywhere close to an empire.The main thing that collapses an empire is the same thing that most our created through -- leverage.

When Detroit collapsed the automotive manufacturing industry was struggling due to foreign competition.

I am going to take the contrarian stand here.if your not experienced at being a landlord.. then just do value add to your present home.. don't tough the equity leave it there and let it grow..this nation almost collapsed with refi out spend it on properties that failed..

On paper that cheap property is a cash flow king but in reality is just a house of cards waiting to collapse.  

This would be an absolute disaster for the economy as spending would collapse at the retail level beyond necessities.