@Bob Hucker The one thing I was worrying about with keeping it wood is the water and possible damaging the wood over time. 

Its a lot easier and cheaper to do the repair on your schedule with the house vacant as opposed to waiting until you get a call (always at an inconvenient time) or maybe worse... you don't get a call and the leak or issue goes unaddressed causing collateral damage.  

Of the 4 units, there's had a decent amount of damage, trash on the ground, and was the dirtiest unit by far. 

Does cigarettes cause more damage to the interior of a home than weed does? 

I've put together a quick proforma and I wanted to get some (semi-)professional opinions.Case Study:Cash deal (no financing for purchasing/rehabbing)Asset ~$20,000; Rehab ~$3,000; Closing costs/fees ~$2,000Total out-of-pocket: ~$25,0002-3 Bedrooms, 1-2 Baths; Rent $700-$850Annual Gross Revenue: ~$9,000Property Tax ~$1,500; Property Insurance ~$1,000; Property Management ~$1,000; Vacancy Loss ~$1,000; Replacement Reserves ~$1,000Annual Operating Expenses: ~$5,500Annual Net Profit: ~$3,500Cash on Cash: $3,500/$25,000 = 14.0%Risk Profile:Rental properties in low-income areas carries the risk of vacancy, damages, delinquent payments, and evictions.Risk Mitigation:I see paying a Property Management company as being a great way to help with: sourcing the most reliable tenants, bi-annual interior/exterior inspections, and handling the delinquencies/evictions. 

I'm mostly worried about the damages they may do on the way out.

He says that this damage is almost certainly brand new and done by the tenants in an attempt to relight.

Hello Everyone,I recently ran into a house in my area that was damaged from Hurricane Mathew.

Colission damages are one issue, but liability, that one could put you in the poor house big time if the insurance solution is not iron clad.  

Additionally, what the present owner paid for the property fifteen years ago has little bearing on its present value ... though it may influence the owner's expectations.