Without photos of the condition at purchase you have to assume the sellers aren’t liars and live with it.

Everything in it is relatively new or in good condition, except it's missing a fridge.

People get conditioned to their surroundings. 

The appreciation has been significant over the last several years and I suspect property here will continue to appreciate over time, both from overall property value appreciation but also the rents are appreciating which helps owners with their cash flow.I personally like multi-family properties the most, especially for newer investors as the properties being sold are often in such a condition that allows for cash flow to come into play after some renovations or lease improvements in the first couple years.

They come with PMI for the life of the loan, and property conditions are more strict.

Now if the furniture is in good condition or meets your brand standards is variable!

Originally from Alabama but spent the last decade in collegiate strength and conditioning and started my real estate journey in Tallahassee Florida where I have a 4 unit.

Maintenance and CapEx is dependent upon the condition of the property.

Of course there are a lot of inputs and variables - maintenance, capital expenses, local economic conditions, national economic conditions, Armeggedon, etc - but you hopefully get the idea.

raise the rent to an appropriate amount for the current condition of the property.