You know, the old trade 4 green houses for 1 red hotel strategy. 

Definitely do away with the awningsMaybe paint or buy a red or brown front door, make it pop a bit ;)

Seller knows he/she will have to contend with them someday - maybe it'll work out for you.Tenant who can't afford gas is another red flag, especially in Indiana.

During the inspection there was 1 of 4 furnaces red tagged by the gas company, a perfuse smell of gas in a separate crawl space, leaking roof & crawl space, termite damage, structural & foundation issues.

My plan would be to live in the smallest unit of this building (the 1BR, so technically you could remove $750 from the total monthly rents to compensate for this).Even with only counting the 2 larger units in the numbers, I figure I could break even after the mortgage, taxes, insurance and utilities are paid, which means all maintenance costs put the monthly cash flow in the red, unless I could buy it for less.

Red might be a bit to McDonalds :). 

Since this is a historical rehab, there is plenty of extra "red tape" so I bounced a little between phase 1 and phase 2 on this flip.

If tree roots invade your sewer pipes, your tenant is responsible?

Green means nature, black means contemporary, red means hot and so on.

Basically the idea is to call your city and get a list of properties that the city has either had a call about code violations for nuisance or has other similar problems with the property, Big red flag the property is not being taken care of and may be sold for pennies on the dollar.