Another idea, is to drive the neighborhood and look for those street patches indicating the line has been repaired.

Otherwise patch up work should suffice.

I'm going to be 31 next month.Here is my life in a nut shell:Middle School: Self employed "Strawberry Picker", woke up early every morning, had my mother drop me at the berry patch picked quart after quart of berries, took them home, washed them, and then sold them to the Senior Citizens in old age homes.

It's the seller saying "let me patch this up and if something goes wrong you own it now...bye-bye"If it's at the end of it's life cycle or heading that way a smart buyer will demand complete replacement.Showing that you have a new roof with proper drainage at the roof and taking water away from the house eases buyers minds about water infiltration.

.  :-( there is a happy medium we have been putting clients in this same stage of their investing life into mid term debt  first position at 50 to 65% ARV so plenty of equity cushion and returns would be triple what your talking about with very mitigated to limited risk of say HML to fix and flippers  See patch of lands foreclosure issues.. 

Just test it on something.Don't use very old pvc cement on pipes.We used cement floor leveler and ripped wood in patches before laying another layer of plywood- especially in the bathroom where the tub and toilet should be level.

.- 4-5 walls where tenant painted patches of 2-4 feet in an attempt to have the property look better, however, the paint was different tone.

Also roof had a leak he repaired but he never fixed the ceiling inside of the home so it'll need sheetrock/patch.

The house needs some minor cosmetic updates (removed carpeting, patch walls, trim work, cabinet doors, linoleum) and possible a  new HVAC system ($4000).Seller is asking $50k, and a move-in ready comp down the road recently sold for $89k in 2 weeks. 

I would make sure its thoroughly cleaned, walls patched/fixed if there are any holes.