(I.E. squatters, fires, and the demo costs if the city when the city requires you to remove it after say year 15 due to its dilapidated condition.)

Welcome to the vibrant BP community, where you will find like minded individuals committed to REI and also helping others succeed.Since you didn't mention a REI area of interest, I added links below to the most popular niches, from which you can select one or all.http://www.biggerpockets.com/renewsblog/2013/01/04/how-to-rent-your-house/ (house rental guide)http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property)http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips)https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ (Ultimate beginners guide to wholesaling)Your time on this social media site will be well spent.You have taken the 1st step by announcing your readiness and commitment to embark on a REI career.Whether you pursue, wholesale, rehab & fIip or buy and hold it's up to you to decide.The bottom line is that you must take action to start.

Cap rates and property condition is a good place to start as well as the rent roll. 

Additionally, it's recommended that you bone up on the basics, so that when linked with a mentor locally, you will be ready to hit the ground running and be able to ask more intricate questions to rapidly build your REI career.http://www.biggerpockets.com/renewsblog/2013/01/04/how-to-rent-your-house/ (house rental guide)http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property) http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips)https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ (Ultimate beginners guide to wholesaling)Your time on this social media site will be well spent.You have taken the 1st step by announcing your readiness and commitment to embark on a REI career.Whether you pursue, wholesale, rehab & fIip or buy and hold it's up to you to decide.The bottom line is that you must take action to start.

Depending on the size of your units, have you looked into ductless air conditioning?

I know several wholesalers who do this.If you are buying at an auction or county sherif sale- you can buy with your own cash and resell to anyone you want in whatever condition you want.

It turns out, the house is in one of the best locations in town and is in incredible condition (has never been rented to a person outside of his family). 

But the value really depends on the condition and location of the complex. 

After 12 months, your property should be in good condition to be able to pass a bank inspection, and the appraisers will be able to use sales comps for similar small houses (even if there is no any 1 bedroom sales) and adjust accordingly.  

Good Morning,I was looking through a few HUD listed properties last night that are for sell in my area , and I was reading through the Property condition report/summary documents , and am a bit confused by what they mean.For instance:The Property Condition Report shows that there is NOT a Dishwasher present , as well as stains in the Bath Tub that can NOT be removed The Property Condition Summary shows ( via Escrow description ), that there is some needed Plumbing to be done ( $300 ).