In Reno and metro areas, insurance companies primarily focus on roofs, the age of the building, wiring updates, and water pipes, as mentioned @Cameron Moore.

Just want to mention that sometimes it works out better to raze an existing property down to like 2 studs and rebuild around it so that it still is classified as a remodel versus a complete new build. 

Avoid leading with a low offer or mentioning how long it’s been listed.

For example, I mention that every adult must pay a $30 application fee, pass my credit/criminal background, make a combined income of 3x the rent, and whether or not the property accepts pets.

This is where I would focus, as these are the same attributes that attracted those responsible for the larger projects like the Bellweather District you mentioned in your initial post.With your budget I would recommend NW Philadelphia (Germantown and Mount Airy in particular).

As mentioned before, stairs were broken, floors were moldy, etc. 

And let me not forget to mention, it’s MUCH more affordable. 

Nick,As you already know since you mentioned it living in California means look to other states for your prime investments.

Sorry, we should've mentioned that to you guys." 

My experience I am mentioning?