Things are going well however we have been burned twice with our tenants not paying water bill.

Quote from @Cassidy Burns: @Henry Zhu , I'd look into reaching out to @Michael H.

Other than that, a refrigerant leak, the fan motor burns out, just throw it out and get a new one.

I have had buyers get reports that clearly miss big things and focus on burned out light bulbs and torn screens . . . no value and they tend to scare first time buyers. 

Then years later forget about it leading to you or lender spiking your escrow charge for a year costing you a couple thousand then you ask why and it's because of that then you redeem it after feeling the burn. 

Read everything that @Henry Clark posts, all of the information is in his posts.Don't get burned on the PSA or loan docs.

Burns Market Research (for MF/SFR only)

Issues with the property at closing: low water pressure, aging roof, several lights not working, dated interior, water stain under HVAC unit, damaged decking (burn hole & rotting boards), old appliances, holes in drywallAnticipated cost to renovate:  $22500 (includes roof, repiping from old galvanized pipes, renovation of currently empty unit)  The currently occupied unit is TBD on cost, the tenant has been in place for the past 3 years.   

This is like sticking your hand on the burning stove.

This has stood the test of time and has proven to be the better choice.At our 8-plex we had one tenant burn a hole in a plastic/acrylic tub surround when she placed tea light candles in the soap holder.