Meaning I don't live with people who smoke, drink or use alcohol in an abusive manor. 

The house needs cosmetic fix up.New PaintCleaned up New CarpetThe previous owner had a cat and smoked cigarettes in the house.

-Clean Dryer Exhaust Ductwork-Clean Refrigerator Coils-Clean Dishwasher-Clean Shower Heads-Inspect Sink & Toilet Fixtures for Leaks-Replace Air Filter-Re-Caulk Tub/Shower & Bathroom Floor-Flush Water Heater-Lubricate Garage Door Bearings-Replace Batteries in Thermostat & Smoke Detectors-Inspect slab for signs of termites; trench ground with Termidor every 5 years

Make sure you include the bed bug addendum, lead addendum, mold addendum, water heater/smoke detector addendum, plus any other ones relevant to your property.

Change filters, check smoke/fire aarms, check for mold and over all upkeep of property, check all plumbing for leaks.

Text, email, call, smoke signal, etc.Response:  How quickly do they respond to your needs? 

So put it on line 18 as "depreciation" if you don't want to be in underwriting purgatory, playing underwriter ping pong, and subject to the whims of a randomly assigned underwriter who is having a bad day because she just found out her teenager is smoking cigarettes. 

I agree with everyone else here who highlighted the importance of staying on top of maintenance in old buildings, we achieve regular inspections through filter changes and CO2/smoke detector battery changes.

As someone posted - the actual priced based on a 6% cap rate will be much less that what is currently on the market - these sellers are seeing SFR prices going through the roof and somehow thinking that it applies to Multifamiles - but a MFR is only going to be worth what you can get out of it  and investors are too savvy to pay what they are asking which is why so many of them are just sitting on the market right now and agents are blowing smoke up about their cap rates

. $100k for anything in Old Town is a smoking hot deal, get that baby under contract!