However, if these numbers happen to be accurate, it equates to a 16% cap rate which suggests it's located in an undesirable, crime riddled area. 

At 19 I know entry level plumbing, entry level residential HVAC very well, I've learned a little electrical, how to mud and tape drywall, how to paint, and of course like every other money motivated preteen, how to a yard shine.

The listing agent says he has sold the same floor plan in the neighborhood and it had the same cracks which the buyer just sanded, mud, and painted.My offer is contingent on getting a structural inspector in there to check it out.So, my question is this: Are there wall cracks that you are "okay" with?  

Because it was a house with plaster, and some wall were decent enough not to have to drywall over, we agreed to just smooth them out with some mud.

I don't really want to have to paint the old walls and ceiling because of drywall tape & mud.

Then, sometimes you need a drywall inspection before the mud is applied.  

If your worker does not know when to use a 5/20/60 hot mud, that means you're screwed.

The key here is tenant screening and proactive cost management.Class C - Properties in undesirable areas with cash based tenants.

I know that banks usually don't lend on a property that is in pretty bad condition, so we've been looking at places just need cosmetic upgrades like kitchen, bathroom, finishing a basement or mud room, landscaping, etc.

Leave the ceiling denting out, throw some mud and paint on it, and have a 5 inch "dent" coming towards the floor.