Is this common to see?

There’s not much else it can be unless it’s in really bad physical condition, which the PM would also notice right away. 

I notice you mention updated wiring and plumbing. 

This is probably the most common reason to arbitrage.

But there is a lot of missing info that makes it hard to even begin.As other's noted, it could be any number of things, some more common than others.It might not even be bathroom related, i.e. a roof leak that is showing itself in a bathroom (but presumably this would be present when raining and shortly thereafter).Toilet, could be wax ring or the O ring that connects tank to bowl.  

The rest, set aside contingency funds to account for things you think may have been missed, unless its a terrible deal, move on.If the owner doesn't keep Quick books or any other accounting, you won't see a P&L or cash flow statement, so you'll be working off the leases.This is pretty common.  

Not necessarily hard times, but more commonly life events.

I love hearing insight from hosts who have solved this common pain point.

I've had to give several notices to fix or move and they didnt do either.

The following is in my purchase agreement and I alway get a MOC on all purchases  MEMORANDUM OF CONTRACT RECORDABLE, PERSONS BOUND AND NOTICE: Buyer may cause to be recorded, at Buyer's option and expense, in the public records of the county in which the property is located, an executed Memorandum of Contract.