Do they look good but need new roofs, have soft subfloors and ancient water heaters?  

I'm hoping to rack up these deals next year as well. 

On the other hand, our house has a brand new roof, brand new hot water heater and recently renovated kitchen with newer appliances.

Please just put a metal roof over it.

We invest in the Indianapolis Indiana market and focus on properties around the $150,000 to $190,000 range that are older homes in good areas that have updated roof, HVAC, plumbing, windows and those type of higher cost items to make sure it has good bones.   

You also need to factor in other expenses like repairs & maintenance and capital expenses like replacing roofs and ACs, etc.  

For example, say you have 4 side-by-side townhomes that share a roof and if there is a hail storm and one of the units is un-effected.  

, that you've racked up so many votes from those who may not necessarily agree with what you've said, but are too afraid to challenge or add a different view of what you said, are most often the problem. 

I have had houses rack up tens of thousands of dollars in code violations and liens placed on the property making it worthless.

If there are roof issues, trees over hanging the roof, debris in the yard or whatever client's are getting non-renewal notices.The vast majority of insurance carriers are unprofitable or have just now started to return to profitability from several bad years.