It seems like the best thing to do is establish my screening criteria and take the emotion out of it, then make the choice on the right tenant.

But I do see value in having a personal "x% rule" as a preliminary filter to decide if a deal bears deeper investigation.

I wanted to see if I should dig deeper to try to find who is responsible for this property now or if there is anything I can do to try to have a shot at this property.  

You should look at this as a business decision while keeping your emotions at bay.

This is another way of saying don't buy on emotion, it is the numbers that count.

Many of us, myself included, pay more for our primary residence than we would for a sensible investment, simply because we are driven more by emotion.  

But I think the important lesson is to avoid making emotional decisions. 

If I am trying to go through MLS listing to analyze which deals make sense to dig deeper after a first dive, what is the best method I could use to estimate these possible Capex and PM needs?

I understand there can always be surprises with mould, pipes, leaks, etc when you dig deeper but a fair assessment is to be done by myself or a contractor?

Is list source up to date with lists per state, or do I need to dig deeper in specific city records, maybe even call particular city offices?