Condition, size, bed/bath counts, amenities (pool, view, etc.) are all adjusted accordingly and knowing how much for each for your market is essential.Back in 2009-2011, most comps in my area were short sales or REO's, all of which in need of repairs, often major repairs.

Are they separately metered for water, or does the landlord currently pay that?

I have learned to work on the safety items first including electrical, necessary structural, Roof leaks, water system leaks etc.

The PM found a water leak in the kitchen area (upstairs) and water stain on the outside of downstairs bedroom.

.- You mentioned water in the panel board and wet/corroded breakers.

Or a water line could freeze and burst in 2 months and create a 3-4k repair shortly after buying.

when assigning an inspector make sure they test the water.

Unfortunately, we have just learned about a water damage caused by the people living upstairs.

@Arwin Nassiri Be sure to do your due diligence when considering raw land, and consider particularly the cost of getting water and other utilities to the location and whether you can actually build on the land at all - any structures or improvements within 25ft of a Joshua Tree will be difficult, expensive, and likely impossible in most areas - and you generally can't move them either. 

But, if I was brand-new with no lease or idea what to do and/or no time, they are decent enough to keep me out of hot water.