Site development cost will be minimal.

These shrink very slowly and can cause floors out of level.Decrepit plumbing / leaky waste lines.Look for wood destroying insect damage. 

There is no question the basement is infested with mold, but it's unfinished meaning demo would be minimal. 

This can be purchased on a month to month basis so you will minimize your expense.

Rather than waste time with random properties, I've learned it is beneficial for both parties to take the time to really learn what an investor wants to buy, then go find it for them.

When dealing with inherited tenants don't waste time being concerned about how they feel, most inherited tenants are not worth keeping, being fair has nothing to do with market rents.

It depends on the purchase price of the property, the budgeted income/expenses and the strategies you will use to minimize on your taxes.You should consult with an accountant to make sure that you are taking advantage of all the tax strategies and that you are calculating depreciation accurately. 

If you place good tenants in good homes, this drama should be minimal, but if you hold on to rental properties long enough... there's always a speed bump somewhere up ahead.

If an agent as minimal experience it is their responsibility to learn those things before showing house. 

A great buyers agent will be able to help you fine tune your strategy, highlight market trends, knows where and what to look for, hook you up with the best lenders, inspectors, contractors, etc, get you the full background on a property and the sellers, knows how a particular property compares to other deals and what a great deal looks like, identify untypical risks and knows what to look for before you waste time and money on an offer & homeinspection just to cancel the deal later, get the lowest possible offer accepted, oversee the transaction and handle all the paperwork, including title work and appraisal, knows how to approach a short sale differently from a REO, negotiate inspections and repairs successfully and help you make more money, safes you time and lower your risk every step of the way.Sounds like you signed with someone who provides value by knowing lockbox numbers?