The only issue is the discomfort that may occur should you bump your head on one while working underneath.  

Many owners do not know what they are doing is wrong, and like Frank said you can't change what has occurred, yet you will want to handle the situation correctly moving forward so you don't take on that risk at closing. 

This never even occurred to me, but as someone who studied mediation in HS/college as what was thought to be a side-gig, this makes total sense.

BUT, 99% of the deals occurs between 80 and 100% of current value. 

As long as you are getting the promised return over X years of the hold and it is stated in the documents this would or could occur, it shouldn't be too much of difference.

oops, didn't even notice I posted in a Texas forum on accident!

They include tenants trashing units, accidents (natural and caused by people: I had 2 units off market for a year due to a tenant caused fire, I have had a branch take out a unit, I have had hurricanes take out 2 units twice within a year (Gulf Shores, Alabama)), tenants not paying rent (squatting), and, the new ones, the government not allowing evictions or the government not allowing me to rent units (we had 2 STRs that we were banned from renting for ~4 months in 2020). 

You absolutely must understand the change in taxes that will occur after a purchase otherwise you can easily see your expected cash flow disappear.  

Plus make sure you have reserves for the unexpected maintenance that occurs on investments.  

While sea level rise is a major contributor to flooding on the East and Gulf Coasts, the majority of flooding in the L.A. area is driven by rainfall and flash-flood events that occur in 1-in-100-year or 1-in-500-year storms, as opposed to some consistent precipitation events.