Dust will soak into your eyeballs, the microscopic stuff.

You will have to manage the construction budget with a microscope but there is a larger upside potential.  

Long term tenants and microscopic vacancy rate over the last 5 years.

If you short cut on the windows, he might put everything that you do under a microscope. 

The group is microscopic for less than $35k.You might have to approach this a little different and see if you can offer up more than one property to get into a higher loan amount.

Also, great tip to study the rent with a microscope to determine the actual potential!!

http://www.refinisherswarehouse.com/refinishing_coatings_glaz_weld.htm "The Advanced Molecular Bonding System Found Exclusively at Refinishers Warehouse.Current (now outdated) methods of preparing bathroom and kitchen surfaces for re-coloring by etching with acids and sanding are dangerous, time-consuming, expensive . . .and they can lead to microscopic pores in the prepared surfaces that virtually guarantee eventual failure of the new surfaces due to blistering and loss of adhesion.Refinishers Warehouse Glaz-Weld is a molecular bonding agent.

Look at those areas with a microscope and you should find the properties that need improvements, offer add value opportunity and can usually be bought for under comparable market once you can establish a reliable ARV. 

This property appraised fine, but the delta is 300k in just 6 months, so they are pulling out the microscope. 

In addition, if your EMD on an REO in CA is only $250, you can bet your bottom dollar you will either be last in line, looked at under a microscope, and/or get countered for a larger EMD.