Bad roof, some of the walls missing, no drywall whatsoever, knob and tube wiring, no plumbing to speak of, etc.

@Eric LiuThere is a makeshift chimney coming from the roof so that's how I assume he is keeping warm, but I haven't been inside to be sure.

Basically, the entire room needs redone (new: framing, wiring, roof, flooring, door, windows, insulation...) to make it functional again.

If you have decent properties in the 30k-50k range, and rents are $800 and up, I would put the money in putting in a new roof, updating the plumbing, and putting on some paint, and have a nice cash flowing property you can own free and clear in 5-6 years.

It would bug the **** outa me to replace a roof 10k on a 25-45k property...

I have an opportunity to get a mortgage for the first time ever (due to a confluence of positive circumstances such as mortgage rates, my DtoI ratio, my wife working, etc) and am inclined to get two or three, thinking that a good SFD is almost always going to be a good bet if it flows and doesn't need a new HVAC or roof for some time, and even if housing prices drop due to major economic fundamentals going awry such as a stock market bubble burst or our debt problems coming home to roost, or the middle class going the way of the dodo bird ...

A property that has wood siding in the north and a roof with 2 years left will have significantly different returns than a sided and re-roofed house with new windows.

They explained their building was leaking, weren’t getting along with their landlord (a family member of theirs), and were ready to move in immediately without any rehab.

It's suppose to be more then 18 inches from the roof.

If there was any peeling paint obviously that is something that needs to be addressed.Mold, leaks or improperly working systems.