All 3 are low due to the low vacancy, but evictions are also low due to the difficulty in performing evictions

Put together a spreadsheet and compare the performance of the subject property if you keep renting it as is for the next 10 or 20 years versus if you rehab and refinance.

Performance is solid.

Or are they performing some sort of arbitrage and they are not the end buyer.

And, past performance is no guarantee of future results. 

You have a “full” package including property(s) identified, acquisitions under contract, appraisals performed by MAI appraisers, historical financial statements, pro forma projections, surveys, title reports, feasibility studies3.

I’ve invested relatively small amounts in “flyers”, and because the invested amount was small in relation to my overall portfolio chose not to perform a thorough due diligence.  

This is purely anecdotal, but I've noticed that the top performing properties in my area lead with an exterior shot.

One that is pretty dang reliable for performance.

Focus on finding a replacement with strong tenant screening processes and performance guarantees.