Rehabs typically included new paint, new flooring, repair rotted bathroom subfloors, new toilet, new tub/shower surrounds, new appliances where needed and repainting kitchen cabinets when needed (some of our units had newer cabinets) and new window coverings.   

I do a dry scape her in Southern California, which is colored rock, maybe one tree hooked up to a drip line, and that's pretty much it.

I had my contractor write me up a $30k deferred maintenance bid, dripping P traps, the small amount of termites, all the usual dry rot for a 45 year old house etc.. and countered them down $50k to $575.  

It doesn't match the smell in the trash room - some have said it smells like something rotting, but that doesn't explain why it would persist for MONTHS.

Soon, consumer demand dried up, as everyone was underwater on mortgages, credit cards, etc.

And it's a good thing, because the flexibility of the wood frame makes them support the changes in the soil (dry summer, wet winter, earthquake, landslide,...).

Due to the age of the property and the age of the conversion, the electrical will be a fire hazard, the drain plumbing rotted and failing, and the water supply lead or galvanized pipe.

Dry climates rock with the exception of the fact that in areas where you don't see mold (like Denver), the prices are through the roof.Have I mentioned mold in a basement where folks have broken in and stolen the copper pipes sucks?

You need a comparable sales analysis to know what it is worth vs what you are buying it for.I agree with @Krystle Padilla that you should have your contractor look more closely at that rotted soffit.

I've found a foreclosure that needs a lot of work from mold to rotting holes in the subfloor to a half finished roof thrown on by the bank.