I have been going through this thought process recently running some numbers to on a few investment properties for my wife and I.

In terms of negotiating the deal, we looked at the property and its condition and negotiated the price down and eventually met in the middle.

Please continue sharing your stories.I'm curious what neighborhoods in Philly you have rental property in and what great neighborhoods/zip would you recommend for rental properties. 

No, they don't find my properties. 

The reality is that imposing expensive and time-consuming sprinkler installation requirements will drive property owners to either scale back necessary renovations or avoid permits altogether.Currently, when owners propose substantial renovations, they are often informed that their projects will require sprinkler systems, which can cost around $45,000 for a typical three-decker.

I immediately recognized that the listing agent/property manager had the current rent well below market & the asking price massively wrong.

@Marc DeLeonibus Hey Marc, I did not end up purchasing the property.

Nevertheless, if the RAD investors  actually had loans  collateralized against property they would be in a much better position.

(FWIW,$8K on just the compressor seem excessive.)Otherwise, unless your contract with your GC says they will provide 24/7 surveillance, or you can prove the AC was never installed, you own the problem.If the property has been vacant for more than 30 days, most policies won't cover vandalism unless you have added a Builders Risk Addendum.

Purchase price: $420,000 Cash invested: $120,000 5 bedroom 2 bath property with pool, shed and playground in the backyard.