Not sit around and paint with water colors or join your local golf course, but then again, you can if you want. 

You have to know what your are going to do for water and sewer.

Second, I was concerned that they would move out and take the oven/water softener/light fixtures etc. with them and say 'those weren't part of the deal'.

The company I work for filters through a lot of data to locate good markets for buying vacation rentals.

Some of the issues brought to our attention by current tenant would need to be addressed by the seller before acquisition.There is a potential piping issue or cracked pipe somewhere as the tenant complained about some water level problems.  

Filter in a certain order?

Your roof (or water heater if you will:)) will cost the same, so that $20,000.00 property with a $600 rent all of a sudden looks like a pretty crappy deal compared to a 200,000.00 property with a $4500 rent even though the percentages is way higher.

It's amazing how much one can save on the water bill alone just by replacing the toilets with a new water saving one, which can cost as low as $30 from the big box stores.

On physical inspection all of the electrical panel had been stolen, all the wires cut out of the attic, water heater, and air conditioner as well. 

I just renovated the bathroom because it was terribly outdated with cracked tiles and water leaking into the basement and I am planning on re-building the porch because it is a potential safety hazard.