Providing the cash flow will support the loan payments.

Remember with every rental purchased you are planting seeds for a tree that will mature to provide fruit forever.

I always have tenants provide me with an emergency contact.

You can always try check with the city's planning or building & safety departments to see if they have any type of file related to the parcel, and if they do, if there is any due diligence in the file, i.e. soils, etc. 

Emails and voicemails are do not always provide that assurance.

First, as Tanner suggested, engage a general contractor to assess the property and provide a detailed rehab estimate.

Please note, based on the numbers provided you will not be cash flowing. 154k loan amount - 30Y fixed  4k in annual taxes & Insurance 7.75% Rate Monthly PITI Payment = $1,436.60Your estimated rental income is only 1k-1.4k per month.

@Drew Sygit I noticed you provide property management services. 

The past couple years, this tenant has taken liberties with some things around the property that have created a safety hazard for others in the building and a liability for us as the owners.

You'll need to provide Entity Docs for each LLC that is a part of the transaction so that the underwriters can review them all the way down to the natural individuals/warm bodies.