The motor can be replaced, the circuit board can be replaced, etc..    

Possible issues:Minor amount of chipping paint in a bedroom and some exterior siding - in a pre 78 house Few small holes in the walls Uncovered electrical breaker in bedroom detached garage may need new roof Swimming pool has no cover or fence, and back yard fence is broken.

For me a property being built over 100 years ago (without having major renovations) and multi family conversions are both deal breakers.

Property is well maintained with no code violations, smoke alarms all working, electric circuit boards all functioning, 9 month old furnace units, passed all CHA inspections.

Could be a deal breaker for some prospective tenants.CONs:- installation of gas pipes and gas lines can increase the construction budget quite a bit. 

It has two breaker boxes installed, has a 1/2 bath (connected to the septic system), and has water from an on-site well (which would likely need to be connected to the main).

Good news is there's room in the electrical panel for new breakers.

There are also considerations I make for different brands of breaker panels and wiring.  

If so turn off the breaker and swap the wires to new 3 prong outlet.

What are some background check items that you will let slide, and which are deal breakers?