How about we again combine that with this inspiring post and start a "thankful roll call", especially given the time of year???

The second example will present incorrectly if using excel function because the first years investment will be discounted, presenting a higher IRR.

Does the house have rain gutters, and if so are they functional and directing water(1-2 feet) away from the foundation. 

The 3,000 or so for the phase one and the survey combined is well worth it versus the hundreds of thousands of dollars or more in damages that can be found if you don't check.After purchasing you can always try to go after the seller but might spend even more money and collect nothing.No legal advice.   

When I was in the Fortune 500 corporate world, we used annual operating and functional plans.

I may amend our rental agreement to say that if a garbage disposal is in the unit it will not be repaired or replaced when it no longer is functional.  

check with your tax/legal team but i think you can set up an LLC to function similar to a corporation or as a simple passthrough to your personal P&L.  

I figured both reports combined would put me in a good position to narrow the scope of the rehab.

The fact that the house is functionally obsolete and the market value is $50k (house + land) does not effect the replacement value.

@Dan Schwartz right now my tenants are just dealing with the non-functioning dispenser.