We wondered this last ten years when the "war zone" houses were being burned down in Ybor City and now you see that the termite infested, wooden, wrecks were burned for the insurance and new homes were built next to better ones that were rehabbed and the old Cuban cigar center took off again.

It may attract tenants with good income and credit, but then you find out they throw a lot of parties, never change the air filter, never clean the dryer lint filter, have 4 dogs (especially once they see your big fenced-in back yard), and feed black mold infestations in the bathrooms because they don't have the good sense to turn the fan on or leave the door open after showering.There are certainly worse investments. 

I check for termites, mold, asbestos, infestations, and make sure the building is structurally sound.  

I got the inspection done the other day and discovered quite a few issues that should be addressed ASAP:-new chimney: the bricks are falling odd-cracked asphalt on one of the front steps-one of the floor joists need to be replaced-some previous foundation settlement issues: the inspector suggested getting a structural engineer to come and look at that-some moisture damage that will be taken care of by the seller-it appears there might have been some termite infestation in the past: the inspector suggested getting a terminate radon inspection done-new garage for needed as the current one couldn't be opened-new ceiling in garage needed as part of it was ripped off, exposing wiring: could lead to a hazardOther than that, a few minor things here and there like replacing a floor tile here, etc.Here's the thing: I'm an out of state investor and was looking for something that didn't need much work.

The condition may include substantial violations of a property that show evidence of: a significant increase to the hazards of fire or accident; inadequate sanitary facilities; vermin infestation; or a condition of disrepair, dilapidation or structural defects such that the cost of rehabilitation and repair would exceed one-half of the agreed-upon purchase price of the property.”ESCROWS AND BONDS PROHIBITED: A municipality may not require the escrowing of funds or posting of a bond, or impose any similar financial security as a condition of issuing a certificate.

I live at an apartment community that is infested with bees, wasps, hornets & I WILL & DO KILL EVERYONE OF THEM.

Not all the USA is sunny year-around and some areas have bug infestations that would eat out your electrical system in two months.If you don't like the burden of property ownership in California, imagine how you would feel if you were dealing with property ownership 2,500 miles away and learned your house has been blown away by a tornado. 

Craigslist is infested with wholesalers posing as the original for sale by owner.

Is the pool operational or is it a mosquito infested mudhole?

You are entitled to keep the security deposit if they cause a flea infestation.