Something new to me is when I see people letter grading real estate areas.

Conversely investment grade national tenants can open a new location in your center and lenders feel good about it because the guarantee on the lease covers other locations.

The lowest grade of new cabinets looked fantastic and we slapped on $225 worth of formica instead of paying 10 times as much for granite, which wouldn't have made any difference in what a renter would have wanted to pay.

We've had the best results from mid grade berber with a dark cream + spotted pattern.

@Jay Hinrichs Do you have a method for determining what qualifies certain neighborhoods to be graded as you describe?

I have a chance to close a deal for my first one and I would like to ask your opinion about how important is that the school nearby of the “selected” house to flip have a good grade...Currently the “selected” house has a nearby elementary school that is ranked really low but is really close... middle school is good and high school is not too good...Thanks!

That is even better if  the basement already has some above grade features like egress windows. 

Probably be okay with just a roofing inspection and go by at the next rain for grading/drainage.

I would cut that pipe below grade, cap it, and cover it with grass.

You'll want to read The Ultimate Guide to Grading Cleveland Neighborhoods if you decide to go into this market.