I failed to mention in previous post, that you must endure public hearings and nobody wants ANYTHING in their backyard.

The majority of the vitals were done in the past 10 years, so the seller endured most of the major capital improvements.

It is a great opportunity with huge upside, but you will have to endure a lot to enjoy the upside.I am happy to discuss more if you like. 

Though your leverage is reasonable at 70%, your words indicate that your cash flow is not quite strong enough to comfortably endure decreases in rent.  

It may be cheaper than a professional inspection and I am not a big carpet fan, so you get that out anyway (especially if near end of useful life) and get to see the sub-floor, investigate thoroughly, and treat it if necessary (bleach/water, Mildicide, etc), and explore if there is a source (leak) or not, or if it was tenant negligence....Then you could go from there and call in professional help if needed and explore who should bear the costs, if any.I agree, there is some risk of rewarding the behavior (the complaint, by giving a new floor), but you mitigate it some by making the tenant remove all items from the room and endure some inconvenience.

I sought out a mentor, escaped a pyramid scheme, learned about my parents' rental property (mostly the headaches endured), and have since entrenched myself in RE- and entrepreneurship-related readings, podcasts, discussion, and thought processes.My original plan was to move to Florida with a friend, buy a multi-family, have tenants pay mortgage via rent, etc. 

My own background is in high-tech, and although I don't agree with a lot of the brainwashing they make you endure during 4 years of university (and afterwards in industry), I will have to say that becoming an engineer/software developer is one of the best majors you can graduate with because you get a lot of "bang for your buck".

The hot areas would probably endure.

I've survived a roof leak for over 18 months that kept 3 rooms flooded in inclement weather.

For instance, how would you fare financially if you discovered tree roots had compromised the sewer line (~$3500 repair) and soon after your tenants stopped paying rent and by the time you evicted them and got new tenants in you endured four months of no rent payments coming in?