What about a mall compared to a hotel or multi-family, maybe a for profit hospital or private airport or a race track, they all involve real estate and they all have toilets. :) 

That's a $210k gains in equity compared to $110k gain had you exchanged into it at $300k.It sounds counter intuitive, but most people do the opposite.

My advice is not to waste your money on testing clean with bleach water and buy a mildew mold suppressant from hardware store it's a chemical you put in a pump up sprayer keeps mold from coming back if on a painted surface get a fungicide paint additive and repaint area.

You can also have your agent do a comparative market analysis for the area around the subject property and also pull lease information from the MLS.Have you used the Rental Properties Calculator here on Bigger Pockets to determine if this is a good deal?

The costs savings compared to risk just do not seem to be there.  

When your properties are finished with quality above anyone else, your properties will sell, and their properties will sit on the market when compared to yours!

In Memphis, we are a year or two behind in design compared to markets like California or NYC so if things are changing here on the high end, it will start dwindling down to the mid to low end across the country. 

Have you compared to other similar properties in the area?

Let's compare APPLES TO APPLES as I suggested.  

So you can't really compare how you do things in a regular job, because landlording is not the same as a typical job that we consider to be normal.