Generally speaking if it isn't friable or broken up then many people in my area just keep it painted well when it's outside which prevents it from becoming damaged/airborne. 

Thanks for posting @Larry L.The truth here is that a lot of commercial deals of that magnitude that you are speaking of do not hit the open market.

I think quality, amenities and location would be key. 

Have called most and left a VM, Emailed 30+ with sample deal package after speaking over the phone or in person.

Tenant quality will usually be better with less headaches for the investment.Even in warm belt states there are really bad areas with crummy tenants and PM companies so you have to be very careful.

The current tenants don't speak english and my Spanish isn't too good.  

I did not speak to an engineer at the city but the secretary who just looked up the zoning for that area and said it was for multifamily.  

Things that can be issues; superior liens like IRS liens, Inferior liens or judgment holders who were not notified, or even the quality of the title the previous owner had.

And your tenant quality looks outstanding, law enforcement, fire department and teachers....WOW!  

I guess the next step is to find a quality real estate broker in Chattanooga.