In KY, water usually runs about $25/tenant/month so about $1200 annually for a quad with 1BR apartments.  

Figure out what kind they are (i.e. drywood, subterranean, etc); treat them appropriately; remove anything that may be attracting them (i.e. wood to dirt contact, standing water pooling around the foundation, etc) so they don't come back; and fix what needs fixing due to their damage. 

Find out why seller is selling, ask for a rent roll, what repairs or updating of mechanicals and roof has been done, how long seller has owned the property, are there pets allowed, are taxes current, has there been any insurance claims where seller did not use money for the repairs, ask for sellers disclosure, are there separate water and electric meters, does rent include utilities or not, are there long term leases or month to month, does deposits transfer to new owner, if there is pets, is the deposit a fee or deposit.

With the ups and downs we had on this transaction, most buys (let alone new buyer) would have lost their head and their cool.

It was a 3 bed / 2 bath everything else looked great.Furnace was good, roof was brand new, water heater was new, freshly painted outside, was going for $200k in a $500k neighborhood.

I'm a Commcerical real estate agent for Coldwell Banker Commercial in Long Beach, CA and am also looking to invest in a year or two once this market cools off.

Roofs last a certain amount of time, water heaters, furnaces, etc.  

If they are not cool it with it then find a new attorney that is more confident working with you.  

The bottom of the door had rotted and apparently rain water could get inside.

They're pretty cool.