Your drains and vents should still be ABS, your water supply lines copper, and your wiring should be romex cables with  ground wire with GFI in baths, Kithens, and outside receptacles.

What I do look for mainly is the area (major metropolitan areas only, I do not invest in remote or small towns), property class (Class A- to C+, if the C+ is in a B neighborhood), cash flow will depend on the property condition and CapEx replacement needed, and of course price.  

However, if you are in the path of production, you can end up with a B/A class asset and savings on Capital gains.From my perspective I think an established fund with experienced investors would be less risky than doing it yourself.  

This is a B- property with a new roof and has a combined market rent of $2,680.  

It's listed on the guide as a B class area and when I am doing a more detailed analysis of properties in Garfield Heights often refer to Garfield Heights as a low B or high C neighborhood.

And sorry to sound ignorant, but is there a concrete definition between A/B/C?

I buy A/B+ properties in high income areas.

If it's a C+ neighborhood, you don't want to spend the time and the money making a B+ property.

It is a C class property in a B/B+ area with A LOT of new development being done around every corner.

Choose the firm that begins with a "B" and you will be sorry!