Have them look at the water tank and furnace and see how old they are, look at the electric panel and just verify its not Federal Pacific, see if the basement is dry, how does the siding, windows, roof, porch all look, is the garage falling over, etc etc. 

We rehabbed the property, updated the kitchen, bathrooms, new boiler, new electrical service panel, and added a French drain system.What was the outcome?

Third, first deals make sure not big ticket items need to be looked at and repaired (I.e. roof, AC/Heat, electrical panel, foundation etc.)

Although, if you have any awful paneling and drop ceiling, I'd look at upgrading that after the majors are done as your first cosmetic upgrade.

That goes for other construction such as SIP (Sturctural Insulated Panels) or steel framing. 

We added value to this deal by making the following cosmetic changes:- Repainted the entire unit- Updated all outlets and covers to be uniform (a few USB where applicable)- Updated all light switches to 'flat panel'- Updated kitchen cabinet and drawer hardware- New stove & range- New sink outlet- New kitchen ceiling fan- New toilet- Deep clean & high quality post/advertising to emphasize the value the condo has to offer What was the outcome?

. - only 1 Electric service panel with 100 amp svce - some unapproved attic splicing done it appears- roof 15 years old- water supply and drain waste piping uses old galvanized water piping that is subject to leakage (drain pipe is actually leaking to crawl space!) 

I think the main draw is that we have a panel of attorneys and people who worked with the DRE on the legislation and regs as presenters.There are many who will just rely on their attorney's interpretation of this, and if their attorney is right, they're in great shape!

Buy an old panel truck for $2K and get it wrapped (maybe $3K)...

@Philip L hewitsonWhen the contractors come out walk behind and write down what they measure.Another option is to have contractor give you a materials list with price for labor and another with materials and labor.This should help to see if you can find better pricing or are their prices more competitive.If you are going to replace look at using vinyl dual panel versus aluminum because in my experience aluminum sweats/condensation.