I think Zillow recognized this, that's why they were mostly buying complete/functional houses and just throwing carpet+paint in them.

Yes, so called "appreciation" in most homes is almost entirely a function of inflation... with a few small caveats.Houses are depreciating assets.

Also called my lender who said it’s ok as long as it’s “functional and typical for the area” and a licensed electrician signs off that it’s safe.  

As long as the septic system is functional, and that you don't have your lines in someone else's yard, I don't see that you have much of a problem.

If you have ever heard of the Dunning-Kruger effect, the idea that some mentally-incompetent people are so mentally incompetent that they develop a cognitive bias that no one could possibly be much, much better than them at something, well, the research that led to the discovery of this psychological phenomenon started right there in Swissvale.In 1995, a guy in Swissvale named McArthur Wheeler mused to himself that if lemon juice could be used as invisible ink, well maybe it could make a person invisible to cameras!

Cash flow is a function of down payment. 

Please add a check box function in the BRRRR Calc. that includes rehab in the acquisition loan!!!!

My PM had no skin in the game and since he was going to manage the property I asked him to check and made sure that there were no functional issues.

I am especially interested in where this functionally obsolete property is that's "going to sky rocket to millions."

Never heard of "location risk" heard about functional obsolescence and gentrification.