@Ceaneh Alexis, I think that you will find that same pattern around most of the major metros right now. 

I have heard that if the tiles contain asbestos, then it is pretty low risk as opposed to asbestos in the walls.

Absolutely not.Even if you do plan to sell it, as @Gabriel Tapang pointed out, you do not need to put in an inlaid marble tile floor in the dining room of a $160K townhouse condo in a development with 350 other largely identical townhouses.

My plan is to re-glaze the tiles on the walls and in the bath tub walls white, then update the toilet as it’s pretty short and old, I would like to add some vinyl tiles and grout to cover the ugly pink tiles on the floor.

-Wood floors -Marble counter tops-High quality backsplash tiles-Enlarged the back patio-6' wooden fenced back yard What was the outcome?

While it was within specs it had some ceramic tile cracking so we paid to have the foundation pinned to stop the settling.

Different customer and risk pattern than we are used to in Self Storage.Based on the wisdom above and your background, do we build ourselves or sell the land (appraised $600,000). 

If you're doing to invest in C-class neighborhoods, I'd rather invest in local C-class neighborhoods where I have a much better understanding of gentrification patterns (ie, the path of progress).And if South LA is still out of reach, I recommend considering an acquisition in Columbus, OH.

The tile/grout I have is almost identical to the picture with the light countertop that I posted at the start of this thread.   

Housing formed a massive head and shoulders pattern and within the h&s pattern was another smaller one which formed the head of the much larger h&s pattern.