This part is definitely NOT a DIY project.You may also need to paint depending on how thick the smoke is and the type & condition of the painted surfaces.

I saw the auction coming online soon, went and poked around the property, trying to get a sense for condition, ended up running into a neighbor who gave me a history of the property, the previous owners, general condition, etc.

The owner wants $60k for it, the two apartments are move in condition and rent for $600 & $750/month, taxes are $4k/yr.

If it has not then you may have an out as the condition of the property has materially changed.

Some of these rules where created under different conditions, where asset class, market demand or interest rates where different.The 1% rule doesn't take into account financing. 

Make sure your offer is clear that you can void the contract if you find something wrong, like low rent rates, condition of the property, or you just don't like the neighborhood.I know some investors will make an offer sight unseen with a huge earnest money deposit (e.g. $50,000) but make their offer contingent on an in-person walk-through within 72 hours or a review of the financials within seven days.

Typically when running comps I stick to the exact match, for example comparing a 2/2 with 1000 I would compare it with a 2/2 that sold within the last 90 days, +/- 200 sqft, and within reason of the same condition.

If the proper was listed on the MLS before hand most deff the building dept k ew its condition and has an idea of what was changed.

Of course we're not for the faint of heart, with high temperatures in summer, but thankfully we have good air conditioning in most homes, beautiful lakes and the Sacramento River.

Just curious if anyone has seen property managers show flexibility on fees for newer better condition homes; 0-3 year old house vs 10-20 old property.