I could see someone though hiring a new lawyer fresh out of law school and making this financially feasible to some extent depending on what your targeting.. lets say you have a narrow list of 100 MHPs that would work or 50 MF s  that would work. 

You can’t tell if there is any cracks, leak, ... once they cover everything up with a fresh coat of paint.

But let me know what your analysis yields - you'll offer a fresh take on our area.Best, Greg

Hello everyone, I'm still new and fresh to Bigger Pockets.

Sometimes having something a little more aged can look good if everything else is fresh.

When it comes to multi-family investment properties, the Zestimate in the parts of Allegheny County that I've studied is less accurate than it is when it comes to single-family homes, to the tune of 50% on target within 10%, 50% inaccurate in the scattershot way I've described.I would encourage you to think of the Zestimate as our outfit does, yet another tool in buying and selling properties, an independent statement of value that has outsized power over the decisions of casually-informed buyers and sellers, and even more importantly, a statement that can be manipulated to achieve your desired outcomes.So my thinking goes like this: when YOU buy and sell as an investor, especially one making make-or-break first moves, you have to learn how to do your own comparative value assessments, and you have to learn how to do them using the same detailed techniques that the most experienced and successful local wholesalers and foreclosure buyers use, not agents who have the time to "pull comps" for free for every fresh-faced lookie-lookie with a preliminary loan approval letter in their pocket.

I'd rather start fresh with a gutted flood house vs going into an existing heavy cosmetic like this. 

It seems the greatest rent increases for us have come in Watauga, where the houses were renting in the LOW $900 range, now that same house just rented for $1095, with one next door to it just slightly larger, but it got a fresh renno, it rented for $1295 mo. 

You can make a ton of money buying fully occupied CA and NYC trophy properties and hope for cap rate compression (which non fundamental driven appreciation) but this is also a great way to lose your shirt. 

They dry clean their shirts and send out their laundry.