Im also working on the estimates for soft and hard costs.

If it's not slab construction, I would step on the floor where the water was to feel for soft, rotting wood.

Higher interest rate, points etc, but at least these guys don't need W2 or DTI, just min FICO guessing 650, higher LTV so more down payment, some as high as 75%, one I;ve seen 80% but I bet that has catches..Asset based rental lenders:  Lima One,  Finance of America and more local "soft money" lenders who you'll find out about at your local REIA and broker/lenders. 

She didn't seem so concerned with it and I didn't see it as an immediate need so I admittedly brushed it off and have since forgotten it. 

Cracks in the foundation, dangling wires, three layers of roofing material on the roof, broken fixtures, off color carpet areas, spots on the ceilings, soft spots in the walls in the bathroom where water has penetrated, swampy areas in the lawn.

You need to figure both soft and hard costs and you need to leave a variance for unexpected occurrences. 

Or is this something you don't really want to deal with and you're brushing it aside as inconsequential when, really, getting work like this done reliably, correctly, and quickly is one of the main issues in dealing with rental properties?

A polite soft spoken gentlemen who's a door man, who's been with the same employer for over 30 years.

Here in Los Angeles many apartment buildings require a soft story retrofit at the tuck-under open face parking side of the building.

If you want to spend the soft costs, many people rezone properties.