I routinely say no to buyers under 1 million in commercial.

The big national lenders have reputations for screwing up all the state-specific stuff on a pretty routine basis, which in addition to potentially screwing up your transaction, can actually harm the chances of your offer getting accepted to begin with. 

If the county treasurer does not ask for a valuation then he can sell for the amount of the taxes which is lower than 2/3 of FMV.So it is not law that he must sell for 2/3 of FMV because he is not required to ask for a valuation.It may be his normal routine, but he does not have to by law.

Even a single "routine" inspection at any point during the tenancy probably would have prevented this.

It could be one or more replacement properties and the amount needed to equal $655,000 or greater would be the purchase price plus routine selling/buying costs.

Our leases indicate we will enter the properties to inspect and perform routine maintenance (HVAC filters, smoke/CO detectors, etc) periodically and will provide notice before each inspection.   

What is a conservative routine repair estimate, and what is a good vacancy factor?

While I don't think they will be destructive I'd really like to avoid the constant calls for minor, routine house maintenance.

I know your eager to get your feet wet, but I see routinely how things can go wrong in this business in a hurry.

Are you a "slumlord" who wants to spend the least amount of money possible or do you spent a little more money to do light rehabs and pay for routine maintenance plans?