LA is around 1.25%, compounding at 2% every year which is the max increase allowed due to Prop 13, as @Rory Kinnear mentioned.Always clarify these numbers with your lender/escrow company, just to be safe.

@Phillip Rosin Sink - if stainless steel, use a buffer and polishing compound.

I just can't imagine what they were there for (no, not a dart board) Just went over the walls with a tape knife and joint compound.

@Katie Ritter, I am with Account Closed that generally speaking, inherited tenants are more of a PITA than placing your own, and compound that with a friend of the prior owner. 

But people are …. unaware of how the game works, how easy it is, how much expense ratios cost and especially how much a seemingly small 1 or 2 % management fee compounds to really be, to the tune of hundreds of thousands of dollars over a few decades.

However, don't compound this loss by delaying the restoration of the unit and getting new tenants in. 

This is ALSO an After Tax Return of about 10% thanks to the beauty of compound interest......................................But, what the first scenario does NOT take into consideration is that rents RISE over that 30 years.

----I know al this because I'm self employed in marketing (not RE), but the compound power of time is there across every industry and career.

Compounded Inflation will reduce the amount you owe and pay in real dollars. 

The rental income will compound and you will be on your way to larger properties.