And you may be able to adjust the amount of other deductions that result in undesirable/inefficient tax losses - both in the current year and the past 3 years. 

Although HOA is undesirable in some ways, it also means no exterior or pool maintenance to coordinate and pay for.

Just depends on weather you want it made outa sticks and mud, our build the whole thing outa custom cut granite blocks...  

Either it has been very poorly managed, the property is undesirable, or there is something else going on.  

However, from the resources I have read across the internet and here at biggerpockets, it seems that the politics (w/ condo boards, bank financing, reliance on other units) make it more of an undesirable property type for the rehabee.

The city can provide some nice opportunities but the good neighborhoods can be small and well defined.   2 blocks can mean the difference between a family area and a very undesirable area, that will have much lower rents and higher crime.  

Physical problems with the building or a bunch of undesirable tenants in the building.

I'm so tired of just watching the neighbors' building projects trucks, crews, noise, mud & dust.  

It would be worth studying up on that technique.Because you know the area so well, presumably you have a solid understanding of which specific neighborhoods are most desirable (and un-desirable)--use that to zero in on properties in the most desirable areas.

Wasps and hornets build a nest ON your property, using mud to attach their nest under an eave or soffet.Here's how to tell the difference: