I would check with the water authority engineer on how much the actual average usage is for that size and bed unit mix.I think the shown annual expenses are low and once you dig into this the properties expected cash flow will keep going down, and down, and down.Ask for historical occupancy the last 3 years.

That appraisal doesnt take into account any of the upgrades I've made(replaced laminate floors with engineered hard wood, laminate kitchen countertops with granite, paint, among smaller less mentionable things).

My regular job is in civil engineering for a local municipality but I also have an MBA and I probably have the equivalent of a Master's degree in the Subdivision Map Act of California.

At least a 2+Bed, 1+ Bath, 950+ Sq Ft, Block, Outside of an A or AE flood zone, No sinkhole homes unless engineering report is available. 

There are always diamonds in the rough if you look but I am not sure by finding just those diamonds a robust business will emerge.

I've gotten good at identifying potential structural issues (cracks in foundation/sheetrock, doors that don't close, bowed walls, etc), and if I see a potential structural issue, I won't put in an offer without a due diligence period to get my engineer out.Based on all that above, it's hard to get into too much trouble, assuming you are reasonably adept at estimating, can identify potential big issues (structural, specifically) and are conservative in your estimates.The worst thing that will happen is that being conservative will tend to drive your offer price down, and you'll miss out on some deals that you might have offered more on had you gotten more inspections.That said, I think the tradeoff is worth it.

With proper search engine optimization, you can land yourself on page one of Google, generating more leads.

There is a REO listing agent who hires a local structural engineer to do a slab report on apparently any listing with cracks in the drywall.

House Numbering Map from the County Engineers Office.

I'm currently a senior in an engineering program, and at the end of this spring, I'll be looking for a place to stay.