This project is essentially a complete gut that will include addition of roughly 700 SQF, new roof, siding, landscaping, privacy fence, hardwood flooring installation, interior re-design into an open concept floor plan, upgraded kitchen with granite counters, new cabinets, stainless steel appliances, etc.

However, the outside agency has limitations (no condos, nothing in Tennessee, nothing over x years old with y kind of roof, etc...).  

The style of room you are talking about is reminiscent of classic row house; railroad center room, windowless bathrooms (well, they mostly had windows, but it was really only for ventilation through the roof).If it is, depending on where the doors are sagging will tell you a lot about the condition of the bones of the house.

You can not fix it up unless it is something that is needed for living purposes such as a leaking roof, etc. 

A PM won't see a board from the roof of a house that has come loose that could fall in a tenant and seriously injure them.

I've got the architect's drawings ready to go, we're about to pull permits, but I know they don't have the cash to get past tearing down the illegal 2nd story addition and closing up the second floor (ext framing, siding, roofing).

Also, this house had a huge metal roof.  

New roof, HVAC, all hard flooring surfaces (no carpet), upgraded kitchen and bathrooms, landscaping and more!

With multifamilies everything's under one roof.

Live in a university town in northern Ontario where the purchase prices have not gone through the roof  and rent is stable  if interested let me know