any leaks in plumbing?

Add overhead lighting to all bedrooms ($500)Plumbing system - No idea, should have checked faucets, under sink, etc.Flooring - Hardwood downstairs in common areas, kitchen, and stairs ($5000) Carpet in 4 bedrooms ($1500)Kitchen - New cabinets ($4000), new appliances ($2500), new sink and granite countertops ($3000)Bath - Gut.

-Plumbing fixtures-Shower valves-Kitchen and bath faucets-Doorknobs/hinges-Kitchen cabinet hardware-Lighting-Anything else?

The other is a small 1bed/1bath house needs a rehab but not as much work. ( sink... plumbing paint...etc) Prob. a simple question but... just asking.ThanksDG

Checking interior: all appliances, locks,a/c filters,furnace,water heater,smoke detector,electrical,plumbing, looking for lease violations?

You also have to be sure the plumbing is completely separate between the units so one tenant isn't paying for another one's use.

Yes there is a different risk for each class.For example on property insurance the policy is usually higher.The reason is statistically at 30 years or older certain things start to go out (plumbing,wiring,etc.) and claims go up.Some carriers will not write policies unless the building has a new roof,plumbing,electrical etc..Commercial lending 5 plus units is not all uniform like residential.Depending on who the lender is and how the finance is structured the lender and underwriting will put more weight on different items when making a decision.

How often should the property be inspected for appliances, locks,a/c filters,furnace,water heater,smoke detector,electrical, plumbing and lease violations?

Needs new plumbing on one side, including replacing truss under soaked and unsafe upstairs bath.

In addition, we'll usually have the main snaked prior to a move in and then certify in the lease (which the tenant initials) that there are no blocks in the plumbing and that it has been inspected by a qualified professional.