If you use a rehab lender and they are fine with a drive by appraisal, you can maybe get it done. 

I agree the smell factor might not be as intense as burn/smoke but I'm unsure of the cumulative effect.

What are the major macro economic factors that attribute to your attraction to that submarket? 

It is work for single family and small multifamily, too but the volume is so different that "driving for dollars" and various online searches as discussed many times in BP and elsewhere work really well for mailings or phone calls. 

I have a meeting with a seller this Saturday that I found driving 4 dollars (D4$).

In doing this it dawned on me, can you write off the mileage that you drive for drill weekends as well?

What I’m having real trouble with is if my property has a 5.0% cap rate now, how do I factor the cost of these projects into that?

Will I be effectively forgoing any ability to get a mortgage by not having any income or dramatically drive up my income rates?

We spent a whole year driving around checking out prices and rents.

I drive by the properties and if one of the rip off contractors is doing the rehab.