If it were vinyl or wood siding, my house likely would have burned down too.

Location is in my opinion maybe more important than the quality of the building at the time of purchase (of course within reason).A location.A location is the area where you are getting premium rents.

Hello,I just got a quote from a painter and he quoted one coat of paint, caulking and the minor wood repairs I need on the outside of my quadplex. 

of preservation improvementsThe cost of casualty insurance premiums, plus 12% per annum interest.If the property is in an urban renewal or urban redevelopment district (as designated by local city government on their official maps), the redeeming owner must also pay:The value (not the cost!)

We are at a house previewing it, and we notice warping hard wood floors.

Its a bank owned with a nice lot only downside it the back yard has maybe 50ft of woods then backs up to the freeway.  

Mark Parzych you can do a Faux wood beam and match the flooring or just make it a architectural feature.

With the sun beating down on roofs year round, or leaves falling and sitting there causing moisture to go under the roof and rot wood, the usefulness of shingle roofs is not a lot over 10 years.  

why aren't you investing locally when Pomona / Chino / IE is around your neck of the woods?

Now, he was never been in the duplex, which has wood floors, brand new kitchen cabinets, metal accent wall and all new lighting and painting etc.