I'm actually presenting to a REIA this week on the "hidden" costs of RE investing.

Auction properties are notorious for hidden repairs (more so than traditional sales).

Seems like there could be some trap doors hidden here but I can probably get it around $120k (about 70% market vaule), its newly rehabed with nice finishing and total rents are around $2000.

Obviously, it does not make much financial sense for them to charge all the money they want openly and they have to resort to hidden fees.Hence the questions:1) What is the biggest most time-consuming task that can make the Property Manager cringe and think “I should charge more for it”?

and what do you personally look for when unlocking hidden value?

Also they didn't build almost any in the Last 7-8 years, so around 150-200k behind. this is the same in every major cities. but if you are willing to do Reno, there are still some gems to be found. banks require 10% from first time buyers and 20% from others. onlu allowed to lend up to 3.5 times the total household income. 30% required from investors. government is hoping for the landlords to sort out the housing problems, but at the same time won't allow us to make any profits on it and create too tenant friendly legislations.Thanks for your replies guys. 

Good luck with your search, there may be opportunities hidden right before your eyes. 

I'd then order that lender short payoff statement and confirm there are no hidden gotchas or strings attached.

Purchase price: $240,000 Cash invested: $150,000 Sale price: $495,000 This quaint 1500 sq. ft. home in the most desirable portion of Glen Ellyn is a hidden gem.

The sale price may not account for things like hidden title defects and/or liens, chemical contamination in the soils, foundations needing multiple piers sunk into bed rock, hidden damage in the walls from termites, one street over from the "War zone" side of town, etc.