Check the public records, what liens are on the property, what violations, back taxes, water bills etc.If buying directly form the seller (using an agent), make sure you have a lien and title report to protect you from buying a property with unwanted liens or judgement s that will have to be paid before getting good title.Other ideas for you that may help you understand the auction business better:Contact auction companies (always talk to the principle of the company).Do some research of that company; what do they primarily sell, stuff (assignments), antiques, coins, real estate, foreclosures etc.attend their auction, get to know themAt my company we have auctioneer associates, their job is to run leads and to create leads that we can sell at auctions.

.  --   3780 sq ft 2 story office building (office was previous use)--  Built appx 1900 -- think it's brick, or block with some sort of facade, possibly limestone as that is common in the area -- has a basement as well with partial crawl space -- good soil in the area--  Appears to be structurally sound - no issues - however needs further investigation, the floor joists are likely large old world pine/oak or other hardwoods shipped in so they should be good as long as no previous termite damage/dry rot--   Basement professionally waterproofed 15 years ago - should be no water issues, we've had lots of rain locally (more than we've had in likely 10-15 years) and basement supposedly has not leaked, think it's limestone/concrete -- Building also surrounded by Concrete -- water should not be an issue-- Per agent this week there will be a new roof put on (Flat Roof) at a cost of $17k-- Asking price $60k-- Has been occupied by an accounting firm for I believe 40-50 years - they owned the building and have left as they merged with another local accounting firm and moved to another building-- Dated inside -- lots of paneling, probably dim lighting, HVAC is kind of dated****************************Potential Downsides/Other Pertinent info-- Likely will have low or nearly non existent price appreciation, other than upgrades I'd put in -- I probably wouldnt factor it in any of my figures-- Lots of ranching/agricultural, oil/gas, wind energy activity around - city has the closest major grocery store/Wal Mart to lots of people located in more rural areas within a 1-2hour driving distance -- town is important for that aspect-- Located in a small community - town has appx 12-15k people, however it is a bedroom community located off of a VERY well maintained interstate and it's only 20-30 mins drive from the City I live in that has 500k people --   The city is a good "Clean" town if that makes sense, very nice community gym close by-- Building is on the downtown core - right off of one main arterial and 1 block from the other -- no plans in the future to alter traffic flow etc --- Lots of money has been put in by the city/local govt to maintain the downtown area and make it a very nice walkable area - with lots of little shops, antique places, a couple cafes etc -- A local company in the refining business recently moved the majority of their business there from Wichita and has put a lot of money into this community -- large donations to the college and elsewhere (they make additives and are a nationally known brand -- have been around since the 70's - only way they go down is if we go away from the internal combustion engine - dont see that happening in the time I'd own the building) 

Depending upon "what" you purchase - ie. a 2-tonne truck versus a electric car - your fuel economy could be drastically different.The same is true with a building:  If you purchase a 60-yr old, 50-unit building where there have been no improvements to the envelope; where heat is provided by an antiquated central boiler; and there is a tonne of deferred maintenance, your operating costs may be 65 - 75% of your gross revenue.Conversely, if you were to purchase a 10yr old, 24-unit building - even one built to our lax North American minimum code requirements - where each unit has its own, independent heat and ventilation, your operating costs may only be 45% of your gross revenue.2- It seems like anything I have found listed online (Loopnet) claims to be in the 5-7% range.

Yes I do manage the restoration of antique buildings here in Italy, it's great job, since there are a lot of great and interesting very old buildings (I work a lot in the famous wineyard region of Asti) but I' m a licensed real estate agent and I also work in the city of Turin.

At print, the authors often have no idea whether their readers are practicing real estate, litigation,  international diplomacy, or if they're just bartering at flea markets and antique shops.   

I personally really like Hemlane, they are more geared towards smaller landlords and are nailing the maintenance and marketing side of being a small landlord.There is honestly technology being built all over real estate....... it is definitely a somewhat antiquated industry even still.

As another post mentions above, the antiquated municipality system generates wildly varying tax rates in communities that border one another. 

aNtiquated platted maps are all over CA and there are literally a million of them .. most get traded back and forth at tax sales.. think the high desert outside of LA basin.all along the coast of CA.. like this.. 

Dealing with American Water, Vector Gas, and Duke energy is an antiquated process. 

Fitness gym, church, self storage facility, antique mall, etc.When you look at buying a vacant box size you have to calculate what rent the new tenants would pay per ft and what cap rate that would be NNN.