This does not appear to be an issue for the tenants or the property maintenance (ie, no calls about tiles, soft floors, rot, etc).  

Having some dry powder to take advantage of opportunities is valuable. 

Sellers need to beware Chris Prefontaine of PrePropertySolutions Brags he will make on average $20,000k to $80,000 per deal with little to no money down and even if the tenant buyer doesn’t cash out the seller he still walks away with thousands and leaves the seller and tenant buyer out to dry.

Broken leg due to a fall down rotted steps

Property appraised for 245k; however, it was classified as a c5 which prevented most lenders from issuing conventional financing.I contested the appraisal and the appraiser held their ground, but their supervisor told me that if I slapped a coat of paint on the cabinets (these needed to be replaced due to wood rot) it would be an easy c4.I paid $520 for a new appraisal, contacted all my family and friends, deep cleaned the home and put a fresh coat of paint on the rotted cabinets and over the doors.

As far as where to find these properties goes, that's not a cut-and-dry answer.

Out in small town Iowa our Selfstorage development has dried up due to the high cost of building versus low rental rates.  

If you start with a dehumidifier right away, you can prevent any growth on the backside of the sheetrock, and once the walls and area are thoroughly dry, the mold will not continue to grow.

Thanks for reaching out, I’ve been trying to find a multi family property out near Lancaster county pa, but it’s been pretty dry out here lately  

We recently just put a dehumidifier down there and are looking to dry lock the basement