The property includes 14 apartments with the average apartment size of about 1000 sq feet.

However you have to be smoking crack along with a million other things to not include places in NY or Cali on that list in my opinion.

This also doesn't include any summer leases at $500 per person which will be directed to our CAP EX fund.A break down of the estimated first year PL sheetGross Rent:$23,400taxes: $1,560insurance: $590Water/sewer: $2,000Gas: $1,900Electric: $1.500Maintenance: $1,000expense total: $8550NOI: $14,850Debt: $1080x8months= $8,640Cash flow (paying toward HELOC principle) $6210(yes I'm not including Vacancy for this year, I'm also not including Cap Ex this first year either)utility estimates are based on previous averages, and also our first 4 monthsYear twogross income: $26,000taxes $1,560insurance: $590Sewer/Water: $2,000Gas: $1,900Trash(year two electric will be on tenants and we take over trash): $300Repairs/Cap EX fund: $2,500  (summer rents will be added to this)Expenses: $8850NOI: $17,150Refi Debt (125,000 loan @5% estimated): $8040Cashflow: $9110   45% COCOverall this deal is turning out very well, an seems to be an awesome first investment property.

OR.. is it not included in your purchase agreement?

Even I don't try to tackle some of those things (septic, some foundation issues, under-slab plumbing issues, etc).What I would recommend is that you include the cost of the inspections in your analysis/offer, assume that there are no issues with these things, and then re-negotiate if your inspection turns up issues.For example, to address the areas you mentioned:- Septic:  If the property is on septic, budget $500 for an inspection, pumping and cleaning of the system. - Foundation:  If there is absolutely any concern about foundation issues, budget $250 for an engineer to take a look and write a report.- Leaks Below Slab:  These are very uncommon, and would likely not be found by anyone on a casual inspection. 

found a guy that is refinishing about 500 sqft including blending in an old air return patch for about $750 total. 

I work with some projects on container homes with a container manufacturing company in Vietnam and the price is around 10k-15k for finished one (include plumbing, electric, flooring etc.).

. $25k will almost be what you are paying in closing costs on a VA loan at $500k+ with originations fees included.

Some of the research I'm including in my market analysis is: 1) Rent-to-Income Ratio2) Unemployment Rates3) Population Growth4) Future employment/development trends in the area (i.e. what are the major employers?

Should you include them in your prospective Realtor search, or not include them (to avoid potential friction in the friendships)?