I am not saying you wont find a gem, but you can be sure much has been picked through already (unless they sell them auction-style), which leaves the properties that are less desirable, and plenty of these aren't worth getting for free!!!

The new ~660 acres of land picked up by 4-5 big developers in Super North Vegas is like a good HOUR from civilization (aka strip / airport / DTS / any respectable casino...)I just can't imagine the current condos and townhomes out here someday being worth $400k/$600k+ like the major cities out there.

I too am working towards that goal partially utilizing real estate investing. 

Asset protection is key concept that I picked up from Rich Dad Poor Dad book "Unfair Advantage" by Rober Kiyosaki, and my limited understanding tells me that I should have an LLC to protect my personal assets from the property, that is a cool $800/ year here in California.

There is nothing wrong with this if the large equity holding has been achieved via appreciation which is the case in your instance.However, the same equity value would have a greater cash flow if utilized on a multi family.  

I would recommend utilizing the free landlord software that is out there that can provide you with rent estimates for your area, market syndication and online applications/screening.

.$0 in repair costs is a stretch- especially if you plan to increase rents...you'll need to justify the higher rent and that typically means improving the condition of the property = $$Your upfront equity position isn't great, but it looks like you'll start with a bit of equity...and if you decide to improve condition you can force the value as your NOI increasesBoilers are find if they are modern...looks like yours was replaced in 2017- definite positive5.3% on the loan doesn't look too bad...your DSCR is 1.15 ...most lenders will require this to be 1.2++ Vacancy is relative to your local market...not sure 5% is the right number to use or not...I look at CapEx different for year 1 and consider it an up-front out-of-pocket expense...but it looks like your units are in good condition so 5% may be right...maybe high...Water and sewer (and other utilities) seems low to me, but it's specific to the area...and maybe just for common areas?...

Just curious what area did you end up picking up your quadplex? 

The vanity, which i picked up from home depot, was the option i went with only because I had "tried to put myself in my potential tentant's shoes" and thought that with the small size of the bathroom and no medicine cabinet where would my tenants put their bath things and would the rental be less appealing without any real bath storage.

If you can move into a place and work on it, saving yourself overhead, protecting your project, those can be good things and you'll also meet the neighbors and probably pick up more deals that way.