A condominium is a form of ownership wherein an owner has fee simple title to everything inside the walls and roof of the unit and everything else is a limited common element or a common element with each unit owner having and undivided proportional interest in them.When a condo is being formed the land being submitted to the condo form of ownership is is described in the Declaration of Condo. 

Also, if the pipe that leaked is a "common element" or "limited common element" the association may have some responsibility for the leak.

Should I not be avoiding lower-rated communities and am overexaggerating the vacancy/tenant quality element? ...Or

I would say the stress you are dealing with could be caused by feeling out of your element or geographic location of your properties ... would you mind sharing what type of investing you are doing and why it is stressing you out specifically?  

Is there a missing 3rd element or income source that I’m not considering to help offset and bring someone to 0 on tax day?

I can build and manage Wordpress - Divi, Elementor, etc, linking to autoresponders, etc etc.

You should know how to change a fill valve in a toilet, replace a ceiling light fixture, replace a ballast, balance a ceiling fan, replace a hot water tank, change the agitator dogs in a clothes washer, replace a heating element or thermostat in a dryer, etc. 

Finance, no contest, the only better area would be law, being an attorney and then you'd still need to go back for finance and real estate.Real estate is an element or part of finance, not the other way around, finance is the umbrella of the economy, everything in business falls under finance and economics.

Make the deal work without that element or pass on the deal.If you pay more than you are computing you are just reducing your profit.

We will always go and check it out and see if it is just a heating element, or a circuit breaker, or what-have-you... but if its really broken, odds are we are just gong to replace it with a new, used appliance.A service call on any appliance typically start at $95, then it goes up from there.