If it's a dropped ceiling use a jabsaw to cut and access hole, then when you're done up there, just screw a 1x4 to the cut out piece so it holds back up there level with the other sheet rock and tape, mud, sand, and repaint it.

That would require us to empty out a unit with a perfectly good tenant, move into an apartment that we don’t want to live in long term, wait until our desired unit is available, kick the undesired tenants out after a year, and move for a second time...

I am an LA investor looking to invest a home in Memphis, TN specifically Mud Island. 

I also like to share my hobbies because I'm always happy to meet others who share the same: Rock climbing (newbie to it), hiking, fishing, mudding (Like ATVS), want to start scuba diving, love escape rooms and my favorite READING!!!! 

I also thought it was an undesirable area, but after speaking with a prominent investor who owns there, he said that the property has been one of his best cash flowing, least troubled assets in his portfolio.

its when people get cheapo on this and buy 100k properties on quit claim deeds with no title insurance that things get dicey quickly.I had a guy on BP hit me on PM he drank the land trust cool laid and the did the deeding them selves and now no one will insure it.. no title company will give a lenders policy.. so he is stuck in the mud.. and the seller he said won't resign

It may mean the repairs are significant, or it is in an undesirable area. 

A deeper red, more rusty or there is a lighter mud brown that you could do just the floor and in while you trim out the rest of the house in a more muted color.

It appears the Cap rate is too low and the lagoon situation is very undesirable. 

Sooooooo, that means you are getting an undesirable deal, that has a lack of potential to seriously increase the NOI or in a war zone etc...Buyer beware!!