I'm currently exploring opportunities in real estate, particularly in accounting roles.

I wanted to solicit some background info before reaching out to my accountant and she advised similar to your comments. 

I have been reading many books on finances, rentals, and real estate and feel this is an area I can have more "control" over my investment rather than placing it all in my 401k and hoping for the best. 

Hi Ben, you came to the right place for information! 

Feel free to reach out with any accounting questions.

@Mike Terry sounds like a pretty good argument to go after the property, I think your question is more along how to value it, and account for the deferred maintenance. 

this is where the gray area comes in with accounting.

I'd deduct this before accounting for your total cash flow. 

Expect to see more brokerages reduce their fees for listing real estate as they move towards fee models that not only recognizes but accounts for the role technology plays.

A home (whether primary or investment) in my eyes is considered as a savings account once you own it - a store of wealth.