All the comps, all the demographics and neighborhood info, all the pro-formas, all the promises of support after closing (just a phone call or email away!).

$500K would do it if its class A properties in areas with strong long-term demographic trends.

The panel may still be fuse blocks.2) significant new plumbing:  you quite likely have a mixture of cast iron and galvanized waste lines (though copper is a possibility) and may have galvanized supply lines;3) envelope: the house will likely have no more than R5 insulation mineral batt insulation ... or worse, someone blew in UFFI in the 1970s ... and will not be air sealed;4) Roof: The roof will have been redone - likely 2-3 times ... multiple layers may still be up there ;-)  There is also a good chance the roof is not correctly ventilated as closed soffits were the norm;5) Fenestration - If it has original windows and doors, they will be hugely inefficient (single glazed windows with storms)6) Interior:  Our house was built in 1952 and they still used "Rock Board" with plaster over top on all the interior walls.  7) HVAC:   Please tell me its not the original furnace or boiler;8) Landscaping : How have the grounds and outbuildings been maintained.You could be looking at a full gut to do this properly.  

I know a lot of investors do very well in the city, but the demographic trends aren't nearly as promising as Owings Mills.

WV has several areas that are promising for investment - but pay attention to demographics and population/migration patterns for an area. 

I have details on the numbers, area comps, and market demographics but are there certain conditions I should be aware of or certain questions I need ask the seller before marketing this?

I would like to weed out the good from the bad and have a couple teed up once I purchased. 2) Once a home is purchased and the remodel has begun how do you all know what colors to paint the walls, appliances to purchase, fixtures to purchase and general landscaping ideas.

I do all the landscaping and show the units and it is not bad at all.

Then live there for a couple years while you fine tune things like paint, carpet, landscape, fixtures etc.  

Thanks for the replies, helps me solidify my thinking about my objectives and how my strategy fits.Mike , I have worried abut the low income demographic of the community.