They only add cost.I could go on about the cigarette butts in the parking lot, the burns in the counter tops, sink tops, window sills, flooring, the tar on the walls, in the filters, on the ceilings, light fixtures, outlets or switches or the irritation to the non-smokers in your building, but that wouldn't be news to anyone.  

But all the walls are closed up, everything's painted, etc.  

@Erik that was incredibly helpful, thank you.

I do question your  $147k repair budget as I live in one of the highest cost of living areas in the country and it would be incredibly hard for me to spend that amount on a high end renovation on a large property.

Underwriting tightened up incredibly, and appraisals generally came in much lower than what would have been expected.

Maybe burst pipes or worse.A colleague of mine's first rehab had ceiling fans which looked like upside-down tulips and the mold was inches thick on the walls.

I always thought the concept of HOA's are incredibly flawed. 

Maybe I have the same problem as everyone else but am I going to get the value out of tearing the walls down to insulate and replacing windows?

Beware that this is just the beginning of Chloe Eudaly's game to drive the small owner up against the wall.

If I get the 203k FHA loan, would I be able to have a contractor redo my kitchen, bathroom & floors (possibly knockdown a wall) and have that rolled into my mortgage?