Asking for $15k price reduction, see high cost items quoted total $14.5k, asking another $500 for all minor repairs.

But i will say I think if it was in the right area for growth then it would be an easier pill to swallow.

Now, you're in a position to get inspection and have contractors to come out and submit proposals / bids for the work.If you don't like the costs and the numbers do not work ("the numbers" being a combination of rehab costs plus any price reductions you are able to negotiate), invoke your inspection contingency and back out.

Actually, call a property management firm and ask them what kind of rental price reduction to expect for a busy street location in your area.

It's a bitter pill to swallow, as I now have to decide whether to unload the properties I just bought and take the hit in selling costs, or to hang on with a 1% cap rate. 

Nothing against flipping but I enjoy seeing the appreciation, principle reduction and long-term cashflow. 

If it wasn't disclosed upfront in the listing and there is unpermitted bedrooms or bathrooms, I end up asking for big concessions or price reductions.

Properties that are in a little rougher shape may find RE investors willing to take on that liability usually for a reduction in price.  

To be honest, when I read posts about the importance of hiring an agent I’m reminded of Mugatu in Zoolander, “I feel like I’m taking crazy pills!”

And as in many other areas, my understanding is that the primary affect that COVID has had is a reduction in inventory (especially early on, potential sellers held off rather than having strangers constantly in their home!)