Our company takes on new investors as private lenders for the purpose of educating them because when we all operate to a higher standard it elevates our profession.

Those house should not be rebuilt or require significant elevation changes before permits are allowed.  

There would need to be repairs made to the interior such as:DrywallCeilingRemoval of a shower (see below)FloorsThere are also some permitting issues that would need to be corrected such as:Ramp to comply with ADA guidelines2 handicap parking spaces to comply with ADA guidelines1 of the handicap parking spaces needs to accommodate a handicap vanA landing would need to be built at the back door, currently there are only concrete stairs leading up to itRemoval of the shower (it was not permitted)Finally, I will need to pave part of the parking lot to comply with the handicap parking; right now the parking lot is mostly gravel though there is some (very little) pavement.I was surprised to find that it is in an AE flood zone, but luckily the BFE is 11 and the current elevation is 12.

Nothing says good times like elevator music for hours on end...

Depending on the building, also be aware of significant mechanical items such as elevators, boilers, life/safety systems, etc.

And, it's quite common in structures that are elevated (not continuous foundation/slab) where animals die underneath the property. 

Or is it the price one pays to elevate the 'fear factor?'

Expenses can range from normal maintenance, crazy new ADA requirements, changes in elevator/fire safety requirements, pest control, indoor pool expenses etc.  

If you go single family, with values as elevated as they are, you may be able to make a good equity play, but cash flow will be tight unless your down payment is huge.  

Never be afraid to to your elevator pitch.