Or maybe the property has a good kitchen that is completely functional and liveable, but a little out of date?

Also, it may be functionally obsolete (some am I some days) so it may be land value mines cost of demolition and other issues, plus back taxes. 

Are you looking for particular features or functionality, or do you truly just need a form-driven online database?

But for the purposes of a regular mortgage: It's a complete house no matter how gross the oven and bathroom is, provided that they are technically functional.

Its been a while since I was lending money in CA.. but I do know that i prepared my notes and the title company prepped the deeds of trust in our transactions.in Attorney driven closing states of course its not an issue as Ned mentions.. because the closing function is handled by attorney and so they can prepare any of the documents and they do so as a SOP in these transactions.Not difficult.. and loan servicing with a note with no payments until the balloon.. is probably not needed as there is nothing to service.. and again this is up to the Bene to decide

Below is a very good visual on how the real estate cycle works.

It doesn't have any functional purpose 

I'm somewhat of a visual learner.

Just look at who is on the max line outside rush hour and you see its major function is low cost transportation for the homeless and unemployed – hardly a factor in promoting business.

(Leave Servicing Fee out for exampleThe Present Value (PV) function is pretty easy to setup and use.