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It varies by jurisdiction but in my area most building code issues that were not in force when the property was originally built are not required to be remedied to get approval to renovate.

I have not lived in Troy and understand it varies greatly, but this area sounds good form the several people I've talked to. 

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Any particular category that is too high or low?

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(Millage rates vary by city and school district in Michigan.)

Hello Account ClosedHere's a basic list you can use:5 -10% Vacancy (depends on the area and property condition.Operating Expenses 10% Property Management (Rates vary.  

This has been a topic in the past and you'll find varying answers and reasons...I do, but only in a situation like you mention.