Bring me the potential big headaches, but calls about the toilet at 3 am in the morning is something I want to delegate out to a PM. 

No tenants or toilets.

The PDC has spent enough money in the neighborhood that hopefully things pan out for the better.

Documenting my research below to (1) flesh out my thinking and (2) guage any input from you smarties.WHY APPEALING: MINIMAL INFRASTRUCTURE - No toilets to fix, no carpet to tear out.

There were many items I didn't list such as a $20 charge for getting the garbage disposal unstuck, or repairing a toilet seat that was falling off despite being a newly installed higher end toilet that was installed while they were there because tenants didn't feel the toilets flushed strong enough.

Especially out in my area, older pipes usually mean clay pipes and if there is a break in the line, a toilet back up after closing could happen.

You can pan-handle for the down payment on an FHA loan, maybe even look into a 203k.  

But some things are questionable - so the question is, light bulbs and toilet seats......The house was rented with light bulbs in every conceivable socket and worked.

I recently had a condo rental apartment unit incur some ceiling damage from upstairs neighbor toilet leak issue.

All in all its an amazing deal and only needs light work (carpets changed in bedrooms, paint inside, and maybe upgrade the kitchen sink and toilets. 10k-12k max, I did construction and remodeling work for a while so I know my prices).I want to flip this property to a potential investor, in fact I already have a meeting next week with an interested candidate.