We were able to work with the sellers since they were going through tough times and wanted to get out of the house quickly.

(i.e. have RE prices increased in the area, is there room for additional appreciation, how is the STR and LT rental market, any new housing or commercial developments?

They've been good tenants but don't have any real means to qualify for buying the house in the traditional sense.

E.g. fire rated construction requirements on main homes, survey & soils reports, utility upgrades. 

I’ve designed, built, and sold a house myself.

We installed a Carrier Furnace & Air Conditioner in a house that was under contract but not closed yet.

Since we do not want to make repairs and hold onto this house anymore. 

Hi - I’m relatively new to the real estate game and am just starting to read multiple books involving this topic.I noticed a house being cleaned up two weeks ago, talked to maintenance people, and was in the right place at the right time to talk to the owner.

. ;)  There are no losses until the repairs are finished and the house is ready for renters.

The age of our housing stock and the capex that comes with it should also not be ignored.