I expect some major water, smoke and structural damage, but not sure what else to look out for. 

Also what seller disclosures were supplied/required and did they address this?

I laughed, thinking she was just blowing smoke so that she could get to more important things, like towel racks.After further discussion and running the numbers, we realized it actually made sense and spoke to our realtor.

I have a unit to renovate in boston and wanted to know labor cost (including only rough materials typically supplied by the contractor) of1) a averaged sized kitchen remodel (i.e.

It seems the thieves work with contractors, by supplying them brand new  hot water tanks real cheap.Now I am paranoid...

So, I think if it is a neighborhood with high rental demand and limited supply, there's no problem, at least there was not for me personally.BTW, prices in class B held up much better than class C in my market also ... so naturally being the opportunist that I am I picked up more class C rentals at fire sale prices, and then sold out of them when things recovered for a nice payday ...

It's a good deal, at least based on the info you've supplied. 

Also, mentioned, there is market appreciation in both prices and rents, which yes does on average double every ~10 years in and around LA ... who knows what it could be next year or the year after, but over a long hold period this is the average if the long term (going back 40+ years) holds into the future, and I don't see any major fundamental shift in the supply and demand dynamics to suggest it would.  

its not turn key its just the rental business.. and you bought new construction.. new construction is new construction.. but for sure there is a builder warranty.. that's why you buy new.did you do any indepentant research on rental rates..Many times when you buy new construction for rentals the builder is selling a bunch of them in the subdivision to landlords.. and they all hit the market at the same time .. and supply demand takes hold.

In Hot markets where supply of housing is low and investors compete with buyers who just want a place to live and are willing to buy fixer uppers, investors will always be out bid on MLS deals.