Full disclosure: I'm no professional, just giving some insight as to what our inspector discussed with us.It actually was beneficial in that the inspector could easily go under and inspect the structure, subfloor, plumbing, etc..The concerns that our inspector listed were things such as damage/rot to sub-floor,  ensure the support post/columns are structurally sound, the raised front patio is concrete and brick, but they used temporary wooden bracing in the construction but left them in place afterwards which he said provides termites a way to get to the framing of the house.

You don't want to trap this moisture beneath your floor and cause the wood foundation to rot

If I had a choice, with all other terms being equal, as a seller, I would choose the lower priced offer that's using conventional financing over an FHA offer.The most common things that get called out by FHA looks for is wood rot and chipped paint. 

Cash-flow without appreciation is an old-old tree who's done it's growing and what's left, yeah, rotting and dying.

Unless you have an inside scoop, you don't know if the basement has had standing water for 6 years, rotted sheet rock, and black mold throughout, or maybe a collapsed side sewer line.

Keep in mind none of this includes the dry rot remediation, subfloor repairs, etc.

Was previously rotted but replaced awaiting HOA fixing exterior.

It never feels good buying in a sellers market but you either figure out a way to make it work or sit on the sidelines while everyone else makes money and expands their portfolio, if the alternative is money rotting away in a bank account or you not being leveraged at all its not even a question about which path is better.

We did pay to have utilities turned back on and do now have 1 garbage bin which we have deposited all the rotting food from the fridge.  

I had my contractor write me up a $30k deferred maintenance bid, dripping P traps, the small amount of termites, all the usual dry rot for a 45 year old house etc.. and countered them down $50k to $575.