Basement: Inspect beams and other items for wood destroying pests, check foundation walls for mold, look for evidence of sewer backups, check emergency lighting through common areas, check water tanks. 

Typically in markets in that price range people aren't willing to sell for that far below market and investors are willing to take lower returns than elsewhere, at least that is the case in CA where prices like that are fairly common.

Single family BRRRR is a different beast than 5+ unit commercial deals where there's more moving parts.It's common to waive inspection on single family that you buy cash but not so much on apartment buildings.

For myself I know the builders in process of building $2200 a month Class A+ rentals all around north dallas suburbs are going to be in a world of hurt.My discussion 3 years ago on this topic was really active yet no one thought it would happen anytime soon.The truth is this virus & our over-reaction to it has exposed the true weaknesses of our system & Keynesian Economics.We need biblical/Austrian economics & savings & investment now more than ever not more stimulus with money our grandkids don’t have, stimulus & federal reserve shenanigans!

I noticed you have a common thread here, as in "...the fault of the owner (tenant)...".Trouble is, it's not the pet you rent to...the lease is signed by the tenant.

The most common updates, just to modernize, are bathrooms and kitchens. 

@Josh BanksA few common picks are Rich Dad Poor Dad by Robert Kiyosaki and Millionaire Real Estate Investor by Gary Keller and team.

Some lenders may do up to 85%, not as common, due to the epidemic but I would ask around and see what lenders in your area are offering.

Multis / rentals are not common, and in demand.

Which in my younger days was the common way to start up in RE if you had no cash and no rich uncle.