This is not cheap greenboard or modern cement board construction.Here's my fix for this problem.I've had access to the back of the valve and the copper supply lines when I've done this, another nice feature of these built-for-the-GIs housing units. 

Most times you can stucco over existing siding if it's bad shape or strip it and install boral or hardie plank cement based siding. 

The first story is cement block, and the upper story is wood siding. 

Peeling paint, cracked window, wobbly handrail, crumbly cement steps, temporary (adjustable) lally columns, knob & tube wiring, etc.3.

Mostly cosmetic items in my opinion (new flooring, painting cabinetry, fresh paint, electrical and plumbing fixtures) etc and one bathroom is having a completely new tub, shower body (+ finishes) cement board walls, waterproofing and tile work. 

Purchase price: $580,000 Cash invested: $145,000 4 plex, 2005 contruction, stucco, cement driveway, good condition long term hold.

But the tenant fixed it by applying some white cement or something and fixed the paint and other wall damages...

Test all over including baseboards, just above baseboards, but get it in contact with the cement. 

If the commercial space was basically "roughed in" with A/C, cement floors, drywall, and a basic bathroom, could I save any substantial amount on the build? 

My biggest concern with this property is the yard is fenced in, but the fence along the backside of the property is one of those big cement walls that has a busy interstate on the other side of it.