The big things they look for is the condition of the roof, age of electrical & HVAC, any foundation issues, and evidence of termites.

But, if you buy and hold, and cashflow well you should be golden despite market conditions.

Details:Goal is to Owner Occupy Location: Type A *very close to great schools, downtown walkable locationHouse: 4 Plex 8 beds and 4 bathsSq Ft: 3,548Price: $425,000Mortgage: 20% down 30 year conventional Current Rents: 790, 985, 945, 910 per-month  *These seem low for this area and for the condition of the unitsOccupancy: 1 will be open for new owner to occupyInsurance: $180 per-monthProperty Tax: $415 per-monthAnnual Maintenance: $800Water, sewer, garbage, electric: all paid for by current tenants Cap Ex: $280 per-monthVacancy: $280 per-monthProperty Mgmt: $345 per-monthThe property has had many Cap X improvements over the past 6 years including, new roof, windows, refinished hard wood floors, paint, foundation work, plumbing, electric... 

It isn’t the extra thousand it’s gonna cost to get her out, it’s the extra $10,000 it’s gonna cost to get that place back to rentable condition after all her sh#% is finally outta there….

When I look to buy, I look at the structural integrity of the property (repair concern); I am interested in three things:  Age and condition of roof, AC units and the condition of Slab/floors.  

However, the condition of the carpet in the bedrooms is well beyond “wear and tear”.

We painted inside and out, the flooring was in good condition so we just shampooed the carpet’s.

If it's in great condition then just scope it to make sure there's no tree roots underground and just leave it.3 The electric panels are fuse boxes, and I don't see much wiring that looks new even though there appears to be some grounded outlets upstairs.

@Don Konipol -  Location and condition/size of the houseI'm only looking for places that can sleep 8+ people.   

The property is not in top condition and needs replacement on roof and some other things and i wanted to change one of the half baths into a full and convert one of the rooms downstairs.