In the last 20 months I have built a new bigger and better 24' x 26' x 9' garage, blown in insulation, new windows (same company I see for my rentals the upgraded model), new siding and paint, wrap around deck, new driveway, drain tile and sump pump,  added a basement bathroom and finished the basement.

A new furnace and insulate building could change all of that.

Perimeter space is the most valuable and it's being used for lower value features.The party walls can be insulated with either cement block or staggered studs with double drywall and resilient channel.

I suppose as long as you get a good buy, you are somewhat insulated as the starter home buyers market in SF (as you noted) is still probably secure. - are you noticing less competitors on the buy side from other local rehabbers?

House systems work, roof, plumbing, electric, foundation, insulation etc.3.

Parking Lot will need repaving (estimates at $150,000); windows and common space areas are dated w/ wallpaper falling off and poor insulation.

The house is in poor condition needing new flooring, walls, insulation, windows, roof, ac installed (currently has no a/c), and landscaping.

It is down to studs and insulation currently, but is a good ol' "homeowners special" type of work that was done.

One thing I found was what seems like old blown in insulation in the attic.

It is still at the studs and will need insulation, electrical and drywall completed.