Deal specifics:Single family home, contract price 120k, currently valued as is 170k(seller wants out), if light repairs (about 10k) ARV 185-190k.

At the very least, this is bad form if the landlord allows this in light of the protestations of the other tenant. 

Generally NO if they a) have extensive rot or b) were poorly/lightly built in the first place. 2) Is the home worth saving due to location, size, architectural features, etc? 

(tile, paint, flooring, light/fan fixtures, new toilets, new exterior paint/siding, granite countertops, stainless steel appliances, backsplash, new cedar columns and shutters) What made you interested in investing in this type of deal?

It's definitely not considered a desirable option to most buyers.Colby should be able to shed some more light on this.

Mostly been like - Hey the light bulb is out - lightbulbs are in the closet.

There seems to be a lot of growth near the light rail and I saw some lovely multi-families that needed some work.

. $1.5k being the estimated fair market value of a carpet lightly used for 1 year.

I recommend a camera system with a motion detector food light and if the situation calls for it, perhaps some temporary construction fencing to help reduce the invitation in.

Even lighting has trends.That said, if it's really what you want to do - and you're smart and have knowledge, go for it!!