That translates into The primary concern about picking housing is safety and amenities.

Legal Safety: Wholesaling isn’t illegal, but deception can lead to trouble.

In my underwriting model, I would have to stretch every assumption to the most ridiculous breaking point in order to come up with a 10% CoC return even on a distressed asset. 

If they have stood the test of time for 100 years, likelihood they will stand the test of the time for the next 100 years.Deduct extra as a margin of safety for CAPEX from the bottom line but also keep in mind that repairs are much lower in Ohio compared to other states.

I'm sure there is a creative workaround but the trouble I am finding with BRRRR model is the Refinancing part!! 

They're only required to repay you for health, safety, preservation of the property....fixing broken windows, roof leaks, locks, etc.#3. 

Manager said when they replace unit they replace flue because shape on new ones is different and/or Dept of Bldg and Safety require it.  

Maybe let her know it's a fire hazard or safety concern or that if you get inspection from the fire department you could be looking at a huge fine. 

Many things go wrong in construction, some of which are unavoidable, how the contractor handles those issues is paramount and speaks volumes to their abilities (or lack there of in the cases above).There are no short cuts to construction or dealing with the building and safety/planning departments in cities, they are slower than turtles in almost all cases.

As of right now I am in just saving $$ mode since I will probably need to pay around 10k for a fire suppression system in the property as well as the initial 6k for inspection and state approval.