. : so, assess all systems and see for obvious things like : garage door, ceiling height, perimeter foundation and drainage, framing if you can, attic space, electrical, plumbing etc 4.

Then you might build off of that outlet and use surface mounted conduit to add a couple more outlets in the room including one next to a window for use with an A/C.

The bathrooms made me so depressed... plastic shower units with sad apartment class vanities with some sort of beige solid surface tops. 

To provide a practical example, I acquired a 60,000 SF assemblage that contained an autobody garage, nearly an acre of surface parking and a 4 unit building in Philadelphia.

On the surface it looks great.

The city really screwed a lot of people with it's zoning and drainage. 

its all great on the surface.. but where is the financing coming from for ground up ??? 

This is one of the problems with housing in lower tier markets because on the surface they appear to be great value but capex makes it impossible in many cases to keep them up and running and therefore the cash flow from your spread sheet rarely translates to reality.

I would clean it off wait acouple days and respray that surface.

Storm sewer, storm pond, sewer lines, water access, fire hydrants, public bathrooms, surface coverage, sidewalk or bike paths, setbacks, power lines and right of ways known and unknown, road access, etc. 5.