I'm really curious if you will need to bring the potential property up to code. 

I was never able nor have ever been able to find anything in the property code that gives me a good answer either way. 

Your codes will out line your rights regarding the deposit.

Location wise, it’s one block away from the zip code zoned for the good schools, so it’s not in a dangerous and bad area and It’s very close to a popular small strip mall/shopping center and grocery stores, BUT it is zoned for the same terrible schools as the more dangerous parts of town.

Please see below for some detail about the property.Location: zip code is 46225 just south side of DT Indy (west border line of Bates-Hendricks)Building size: 2746 sqfYear  built: 1920Number of units: 4 units (100% rented)If more detail information is needed please PM me and I could provide actual Property Inspections Report which it has been done just recently.Thank you in advance to all and looking to hear great wisdom.

You can simply find your zip code in let's say Hotpads.com See similar homes there.

I'm in San Jose so codes are different but its still CA. 

The problem with most new investors outside of Baltimore City is they come in, buy properties cause they think they are cheap, have no clue about construction, use cheap contractors, who in turn do half of what is necessary to get a property to code. 

Is there a coupon code I can use? 

It really depends on your city codes.