Be sure to verify rent rolls and P&L statements and talk to a few PM's to get a feel for market rent in the area and ensure you'd be able to get or close to it if the rent rolls don't currently reflect that.

It would pass the test (barely), if you could buy it for $700K.But.....BUT! 

When you can, jump in the pool and test the water.A little caution with that water, as unless you have a good idea what's under that surface, going head first is not the choice I would make.Just don't expect to get in the water and jump out clean and dry the first time.

When assessments come up you have paid X% less for the house in the eyes of the assessor.Example: Expecting to pay 200KOffer: 188K and buyer pays agent commissions.Assessor when figuring out rolls: Oh the house sold for 188KObviously only works with cash as if you are financing you most likely don't have the extra to bring to closing, but it could work if you had a chunk.

You will get tested walking to your property , the locals dont see it as yours they see it as there property and your just renting the real estate.   

From there, get the interiors to match as tenants roll to continue driving rents up.

I just received a copy of the previous inspector's report, and there were some plumbing/electrical issues (that supposedly have since been fixed), high moisture in some areas (so we will need to do a mold test), and a roofing issue on the carport, as well as some wood rot and a few other issues.  

Sec. 1.469-5T(a) or alternatively the substantial service test Temp.

I.E. letters, post cards, bandit signs, etc... without proper tracking, split testing of copy, headlines, CTA's.

@David Balogun you need to pass the 100 mile rule test.