If so, you know the existing structure may be less than worthless (as you would still have to tear it down and dispose of it) and the structure and foundation need to be inspected before you get too deep into agreement on a price.  

This is doubly true if you're considering raising the rent.Same for maintenance - you haven't had an appraisal or inspection done, so a 'pretty new roof' is just what it looks like to you, you don't know what's going on with the foundation or under sinks etc. 3% is basically betting you won't even need to fix a toilet in the first year.

Foundation still under warranty.

. $1000/mo is a nice foundation to build off of

I noticed the foundation didn't have cracks but the gutters were in bad condition as well as the windows were leaking due to bad landscape.

I didnt have the cash to buy the place - so my parents who are real estate investors bought it.The place needed a ton of work (new plumbing, new electrical, collapsed main sewer line, foundation issues, tons of cosmetic work, etc).

Bought a dilapidated mobile home with a 720 square foot addition on a slab foundation for $4K.

Education is like laying the foundation of a house..... not the most aesthetically pleasing but makes all the difference in the end.

Dive into all of the Syndication Multifamily podcast that are out there Rod Khlief, Joe fairless, Michael Blank, John Casmon, Corey Peterson, Whitney Sewell and more All these guys provide a great foundation for you to put an actionable plan in place

Most traditional lenders won't lend on homes in bad condition or that have structural issues, like foundation repairs.If you want to finance you might be able to use "hard money".