Roof looks fine, HVAC is from the ice age but works.

We do mow and snow with leaving some salt out in between the snow clearing for ice build up.

Of course appreciation is absolutely the icing on the cake if you can get it.

So it is likely that not only is are the units not completely divided utility wise, but I've found these "conversions" tend to have odd configurations such as having to go through the room that's being used as a bedroom to access the bathroom, a "kitchen" being set up in what used to be a parlor and so forth.

Then you have the general sentiment that cash flow is the only thing that counts and appreciation is the icing on the cake.Cash flow Mid west style is fine but you need to go large.. like 100 to 500 property large to make any real money at it...

My duties include painting the runway's (close to 4000 gallons of paint a year) we provide security, ARFF services, snow and ice removal put chemical down on the runways and provide airport conditions for FICON notems.

That is where ice melt (salt) is critical.

I'm not saying to ignore cash flow, I am saying consider the long term, not just the short term, and appreciation as well as cash flow ... appreciation creates both equity and cash flow, since price and rent increases go hand in hand, so even if a CA property cash flows less than say the midwest on day 1, if the last 50 years of steady appreciation in CA and no appreciation in the midwest (after inflation) holds (quite likely IMO), then its cash flow will quickly catch up and then exceed the midwest, and that will be icing on the cake compared to the equity increase.

-Water lines: yes, this can be a problem, so be sure that you disclose clearly in your marketing AND your lease that the ice/water maker on the refrigerator is "as-is" (if this is your approach.) 

@Adam JuodisHi AdamI think all investors should be investing first and foremost for cash flow and secondly capital appreciation, the icing on the cake.