It appears to be a large-scale project when you start digging down and potentially disrupting the foundation.

The search link should be found at the link below: https://www.pacourts.us/public-records/court-case-information

I'm over 50, but I still pass everything through the "Court of Mom".

If you get the valuation right and do your proper due diligence, this appears to be a nice opportunity.

If you have a bank/credit union that appears to offer a loan product to help you, then you can sometimes send them your underwriting/analysis of a property to review so they can provide their thoughts on it's "lendability."

They're paying $650, market rent is $800-900, which I was OK with due to them keeping the apartment in great condition and appearing to be good tenants.

It is always a possibility that the tenant does not vacate and you end up having to involve the courts, and in the meantime the tenant that signed and paid could sue you for performance and you'd have to sue the existing tenant to recover those funds. 

The reasons appear to make sense in theory - less risk from vacancy in particular, less expenses (but I'd be happy if someone can shed some light on this).

I think you are right to a degree - things here in Las Vegas still seem like its a hot market however the houses appear to be sitting for a little longer than they were about 6 or 8 months ago - the correctly priced properties seem to be selling and the properties incorrectly priced, I think the average Home Buyer is saying "no way" to the high price and waiting for it to come down to a reasonable level 

@Sandeep Roy The showers appear relatively similar.