Sadly, my uncle had some psychological issues and at the time of his passing in October 2014, he had allowed the house to deteriorate to the point where it didn't even have working restrooms, the roof was missing in places, about 70 dead mice were found throughout the property dying after eating electrical parts from knob and tube wiring, the entire basement had over a foot of standing water and we found several nests of black widows. 

Later, go knock on the door where applicant is currently living....get invited inside....look around.....chat......ask if you can use the restroom....ask for a glass of ice water then follow them into the kitchen....The place looks the same as your rental will look.

Oceanside is cheaper and they are doing the Mission Ave Improvements, beach restroom projects, etc.

2) Minor upgrades like.......replacing vinyl and carpet floor with tile (areas except bedrooms), Kitchen countertops from pretty roughed shape to newer laminate one, cabinets (kitchen and restrooms) refinish/paint over, etc.......

Luckily this would be in a downtown area with public buildings (public restrooms) within a short walking distance so I figured that's our best option. 

The inspection revealed a leak in the roof, water in the basement, and some surface mold in the restrooms.

The buildings are light industrial/warehouse structures with each building having a small office and restrooms.

and the condition of the house:  visit with them,  ask to use the restroom etc - ask for a cup of coffee to see the kitchen etc- use your eyes first, them if you need talk to a GC with a discussion of what you have seen- do your due diligence before you EVEN think of a Quit Claim deed.  

The value add could be adding a restroom to the 3+1 unit and expanding the converted garage into a 2-bedroom unit as there are two single car garages next to each other.

Also look and other expensive spaces in the home (kitchen and restrooms) and find efficiencies.