The reason why I am asking: If they do these inspections in Philly, and I could get a copy of the report, then I would have a good idea of the condition of the building even before I go in. 

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The rates are higher still but as you increase your investor maturity profile and have multiple SFR's you most likely may end up getting a portfolio loan. 

Breach of warranty of habitability - tenant's remedies(1) If there is a breach of the warranty of habitability as set forth in section 38-12-503 (2), the following provisions shall apply:(a) Upon no less than ten and no more than thirty days written notice to the landlord specifying the condition alleged to breach the warranty of habitability and giving the landlord five business days from the receipt of the written notice to remedy the breach, a tenant may terminate the rental agreement by surrendering possession of the dwelling unit.

Last week I drove by the house to check out the condition.  

It's been gutted and rehabbed but doesn't have air conditioning (or a swamp cooler).

What is the current overall condition?

@Leon Chappell - yes, in general a non-bankable property has condition issues.  

I had a contractor walk through the place and am comfortable with the condition and amount of work it needs. 

In speaking to the PM company, I was told that the delinquency on the 12 month P & L tracked the monthly change in delinquency; if we started the month with a delinquency of $1000 on the first and at the end of the month it was $1500, only $500 would show up for that month's delinquency and the overall delinquency balance increases.