I'd argue this is because the unknowns matter a lot more (have the pipes been stolen?

Usually 10% of my tenants leave the place better than they moved in, 10% of my tenants leave the place worse than they moved in and we had to exhaust their security and pay the cost in terms of 6 to 12 months rent to bring a property to listing condition (depend on how long the LTR tenants have lived there of course).

For example, my city requires 12-2 electrical or higher everywhere; it doesn't matter if you are running one single circuit to serve a 1/2 amp stove exhaust fan, you cannot use 15A breakers and 14ga wire anywhere.

I'm not telling you NOT to improve/upgrade the property, but I'd exhaust all free/cheap options to market it as-is first.

. - The Caution: Rusted cast-iron pipes outside are a potential headache.

It’s gas heat and water which I know I may have to pay for unless there is a creative way around that as well.Looking for some suggestions  How are they piped?

The gas light pipe in the walls says 1860 to me, knob and tube replaced that in early 1900’s I suppose .

For now, my toddler and day job are exhausting enough!

I am having bathroom exhaust fans wired to come on whenever the bathroom light is on.

I did some research trying to find a good detailed lease template to have my tenants sign but none seem to be specific and exhaustive in terms of covering any and everything that comes with the type of tenants that one finds in these type of neighborhoods.