Prices can fluctuate I agree, but a downturn as the original post states is a different animal in my opinion.

Real estate isn't a tame animal but it is very predictable within ranges.  

Helping charities that help animals is my biggest motivation

Even with all of the research we do there still is the angel and devil on each shoulder (animal house reference - showing my age) telling us everything is okay when its not and the other side, you did the research just relax. 

So plan on doing a primer and 2-3 coats of paint. $90 plus rollers, etc. 

Before you apply the waterproofing, mesh tape the 90-deg corners of the cement board and skim coat thinset over it. 

Bring a real estate agent is required in some states and also gives you credibility with owners who are looking to sign with a company.Make sure you have a good lease, a good management agreement and excellent people skills.Know everything there is to know about Fair housing, legal requirements of rental properties in your states, the difference between a pet and a service animal and a comfort animal and which ones you can decline if you want.  

Besides potential and likely water damage, I'm assuming there are animals living in the house.

You didn't mention smoking or animals, so all being equal I'd go with #1.Docs and nurses tend to be upper crust picky.

A person who fixes their animals, keeps up with their shots, and doesn't leave them tied up outside or neglected is not likely to have an animal that does those things.