In the 80's when interest rates were at 12% for prime loans, the market slowed, however, those who could afford to buy cleaned up.

On the surface students want "cheap", but when they actually look at things: clean, modern, and convenient will win over price.In our "universityville" landlords range from larger companies with hundreds of units; Dick & Jane Public who have an accessory apartment in their basement.  

Go meet the neighbors and let them know your plans, give them a card, and welcome their call if they ever see something they don't like.If there's a lot of preconstruction clean up, then I go to Home Depot and get enough laborers, tools, and materials to knock it out in a day.  

But I agree that if you go at it from a one and done type of deal it should be clean.

What makes you think the new management is going to clean up your mess?  

The disadvantage is the Vendor may have week screening criteria, or was eager to fill the building before sale, and you may have a little house cleaning to perform in the first months.As for paying more, the short answer is, "No" - our offer is our offer.  

My desire is to achieve a 20% IRR with a healthy conservatism built in (I’m assuming $3K of unidentified deferred maintenance, 4% of monthly gross rent as capex reserve, and 1% annual appreciation).

 A new investor should not deal directly with a listing broker/agent, one side is represented the other is not and you can get your clock cleaned easily.

DAP is good stuff, easy to control, but you'll always have some clean up to push the bead in the gap to be sealed.

Just need a bit of cleaning painting carpets and put on the market to rent.