Based on the expense ratio it appears to be the tenants.

Another option might be Vacants to Value program from the city. 

They see what appears to be a long shot, high reward opportunity and they chase it even though it is not part of their trading plan.

I wasn't kidding about that "toss an oven in" idea, I've had people do that the day before the appraiser shows up.If it's right when the appraiser shows up and looks like it's been that way for years, they generally will not question who did the work provided it appears to have been done in a "workmanlike manner" (this is common in the east bay where the housing stock is 100+ years old).

I hear him answer it all the time, "Well our rent to own program requires a more substantial down payment then section 8 usually provides. 

I have seen signs where the letters are so thin from a basic marker, makes it appear like nothing is even on the sign.

The low money down and the ability to utilize a 203 B or K, that program is pretty nice. 

Yes there are programs for investment properties.

Still unbelievably cheap it appears to me.

I was originally looking for value add opportunities but my loan program is pretty restrictive so I dove in but Im a bit skeptical.