This is a great question and the pro sub too camp will just gloss over it... the answer is it drastically impacts MOST folks NOT  ALL but most..

So the effective yield on loans with small P&I payments will be more negatively impacted by servicing expense.With regard to remaining term, a long term first position loan that is closer to end of term can provide a greater level of equity/security to the lien holder. 

The condition of the home is important for keeping repair costs down which also impacts cash flow. 

What impact that would have on a LL would need to be uncovered.

If you are talking about a vacant, 100-unit property, the cash flow impact would be very painful.Let's focus on the real issue.

That game kills your cash flow and hurts your ability to gauge the investment up frontCondos have restrictions of all different kinds that may impact your business. 

Regarding my repairs, I targeted some low cost, high impact areas to affect appraisal pennies to the dollar.  

I eat the cost of water/sewer on all of my units, and it doesn't have any massive impact on my bottom line.  

Also, the intangible impact of purchase that may sway the decision to NOT go elsewhere as desired due to the impact of you having to sell.

This is especially impactful when you use any of your cash to buy a property.