I then start researching those properties. 1st property has no problem at all, I think it's just messy from outside.2nd one has a delinquent tax from 2020.

Brand New property, someone closed before I got approve. after a month I got a call from Agent , the othe buyer couldnt close because of some renovations he did (added New floors and Carpet) value went up but I ended up paying the original amount.

I think a fair place to start is for a ~1500 sq ft home, light or minor rehab(paint and carpet, cosmetics)10k, moderate or average(add to that kitchen and bathroom update)25k, and major or heavy(everything redone)50k.

OK, not the end of the world the carpet kind of needs to be replaced anyways and we learned from our four plex with the chain smoking owner that a lot of cleaning, elbow grease, painting and replacement of carpet can take care of smells.Second unit: overall not too bad but kind of small and a little dated but very functional.

While I'm talking to these new tenants I just inherited, they inform me there is a hole in the living room floor, and point to the spot in the carpet, which I then put my foot on, and promptly fall through to my knee, while their child keeps running in circles around me.

Additionally because your PM is a real estate professional they are bound much tighter to fair housing than a private landlord... looking inside ones car; or going with the ‘gut’ to decline applicants or any other subjective item which really has no recorded impact on a tenant’s qualification for housing is the same as rolling out the red carpet for fair housing violations and lawsuits; this is unreasonable and to be honest any PM which allows you to make applicant approval/denial decisions prior to the decision being made is just opening you and them up to HUGE liabilities... they are the RE professionals remember... that is why you hired them.... that is how it is viewed and that is how a judge will view it too; fair housing violations will fall onto the PM’s shoulders which is why they should be the ones approving and declining (you should however certainly review their approval/decline criteria before even listing)Financial responsibility/Fiduciary: Yes... financial responsibility yes not even a question here.

If carpet, changing that would go a long ways.

(Have photos of all these and were documented on a move-out checklist which the tenant signed after our inspection walk-through.)Berber carpet in 3 bedrooms had to be stripped and removed.

List price is $364,900 and probably needs about $10k in maintenance (interior paint, new carpet, roof repairs, removal of brick flower plants and patch stucco, deferred maintenance, etc.) and fixed up it would probably fetch $1,795/mo rent. 

The carpet needs to be ripped or Anne one of the bathrooms needs re-sealing