You know - 70 years old functionally obsolescent crap with lipstick on it - you know the ones?!

Bank regulators insist on it and could give a crap about the collateral (unless the bank is taking on too much risk with LTV) until the loan is in default.  

Sellers often say look at this great property and it's crap they are selling with cheap repairs to try and make it presentable.

Plus you pissed off all the other market participants because now your "fake crap rate" is out there as a comp. 

Sometimes it looks like crap when it's in that weird semi-wet stage.

Even still you could end up with a property which is crap inside. 

That way you don't have to worry as much about the older pipe getting clogged by tree roots, you don't have to ask a neighbor for permission to excavate pipe on neighboring property, and you don't have other people sharing the sewer line (and having their CRAP backing up inside your property when there is a blockage and you are away).

This is why you ask for tax returns and everything else under the sun to dig for accurate numbers.I NEVER list a property until I impress upon the seller that they will give all numbers accurately and not hide anything.80 percent of the crap on Loopnet is puffed up junk that won't sell.Eventually it will go commercial short sale or sell OREO for realistic numbers.With this being the best buying time in 25 years for commercial real estate you do not want to put what little liquid cash you have into a marginal to good deal.Instead you want GREAT deals.As another investor friend of mine puts it that has millions in cash.

Sounds like a crap agent who was trying to take advantage of you rather than looking out for your best interests. 

I mean a 2br/1ba condo in Cap Hill totally remodeled inside, with an exposed brick wall, and tastefully designed with Room & Board is just not going to rent the same as a 2br/1ba condo in Cap Hill that's crap inside and has been stuffed with whatever second-hand Nebraska Furniture Mart couch you could find.I'd always do your own research.