Hey Chance, I’m also just getting started investing in Indianapolis and have found myself in a similar dilemma.

Obviously it would depend somewhat on the health of trees, etc. but it would be helpful to have a rule of thumb to factor into my analysis. 

My dilemma is raising capital to fund the project.

The laws are the laws and those laws are supposed to protect employees rights for benefits for health insurance, retirement, injuries, retirement and to pay into our great government's socialist system where we freely contribute to the unfortunate homeless, welfare recipients and pay for tens of millions of Section 8 rents.

If I am not missing anything, you will selling one and buying one, and replacing it for a better neighborhood.I would suggest to doing it regardless, it is a numbers game but also mental health game as well.

If the rental agreement states that the tenant will give more notice, though, the tenant must abide by the terms of the rental agreement.In some situations, tenants might able to move out with less (or no) notice—for example, when a landlord seriously violates the rental agreement or fails to fulfill legal responsibilities affecting the tenant's health or safety.

Basically it should prevent them from requiring you to tear it down unless it presents some health/safety issue. 

Unless you suspect there is a willful neglect, bad hygiene or mental health aspect that caused the bed bugs and wasn't just bad luck, don't evict; have them do a written payment arrangement.

The health department decided your septic tank opening can’t be within 50 feet of your well.

I would be sure to look at the financial health of the association and all of the rules & regs.