I dont mean to be harsh but this is really a train wreck waiting to happen.

For instance, you or your love ones get diagnosed with cancer or serious illness, become disabled and need 24hr care, get in a car wreck and get sued, the bank closes your lines of credit (yeah I already said this but this really made me mad with a 780 credit score), the market crashes, you get divorced, a riot or hurricane or earth quake or flood wipes out or damages most your properties, and the list goes on and on.

Kids will be kids, and yes, 22 is still a kid..I would be concerned that I'd end up as a Den Mother to a bunch of brats yelling all the time about them wrecking my place.....

Its risky and it will wreck your credit. 

Are they wrecking the place? 

Was the article mostly about democrats hating those two states and trying to wreck them with illegal immigration?

My friends also clearly had no interest in taking care of the property, and it's pretty wrecked.

"As Is" might mean the place is a wreck or that the owner just doesn't want to pay for any repairs.Make sure you check that there are no open violations or permits on this property.Regarding your analysis:Management is low.

There is a 99.9 chance I will not wreck my motorcycle today. 

However if the property is a wreck making improvements to properties will add to the value as well by reducing the CAP rate someone is willing to pay for newer updated product vs older.