I am an active GC and am currently performing a variety of services to a range of customers.

For our purposes, is it better to buy a property that has historically good rent appreciation, price appreciation and low to little deferred maintenance vs a property that doesn't have the same performance all within a good microeconomic context? 

If you get the note, then go to the owner and request the deed (deed in lieu of foreclosure) and if they balk, see if you can get it performing, or foreclose.

That affects relationships, plus job satisfaction and performance.

After acceptance I got a report of termite inspection and treatment, but there is no evidence of termites where they said they treated them, nor is there a sticker indicating that treatment was performed, but there are active termites in another location. 

I prefer to stay on the safer side of notes and deal with performing notes.  

The Southeast Valley in general is performing extremely well and is definitely a seller's market.

I have my previous home in my rentals and it is by far my worst performing rental.  

No telling if that's a great price without being on site and seeing the true scope of the work being performed but my initial judgement is that it seems high.

If you're not sure how to perform these calculation, I'm sure there's many resources on this site and online that can assist with these calculations.