They would be able to tell if the stone is just a veneer (probably) or has a structural component.

It is a unique real estate asset class due to the retail business component. 

I have read different things and some estimates vary greatly (swinging potential properties from good investments to poor).I live in Fresno, CA and will be purchasing my first rental in the area.Here is what I have estimated:Annual Property Management: 10% of gross collected incomeAnnual Vacancy Rate: 5-10% of gross collected income2017 -> rate was only 3% (7% was highest over 10yrs)Annual Release Fee: 50% of 1st month’s rent (not even sure what this is, but have seen it included)Annual Property Insurance: 0.8-1.2% of property purchase priceAnnual Maintenance: 5-15% of gross collected incomeAnnual Cap Ex Reserves: Approx $1,500 (aware it depends on the age of property/components)Annual Property Tax: Approx 1.2% Purchase PriceDo those numbers/percentages seem reasonable?  

For cat odors, search for threads on cleaning cat urine/spray on here as you will need much more than standard cleaning -- we had to remove carpet, pad, trim, cleaned slab multiple times with vinegar, replaced sections of subfloor upstairs, Kilz on walls after cleaning with both vinegar and TSP. 

LUCK: This might sound silly, but there is a component of luck that often happens.

After removing the carpet and engineered wood we saw stains all over the subfloor that had to be treated with enzymes, then vinegar, then bleach.

Lowering it you will basically have to rewrite the entire lease as the rent is a major component of it.

The IRS will consider extensive repairs as components of an improvement project.In my opinion, filling in the pool is a major landscaping improvement not a repair

If you need major tax deductions to offset other income talk to your CPA about component or cost segregation depreciation.

In the market today you cant simply buy right, the value add component needs to be sizable and in many cases is hidden from the trained eye.