slumlord is a pretty harsh term, however, let's say-Its a rough neighborhood (some spray paint and busted windows on various bldgs)-A bunch of 2-4plexes on the block-the living conditions of current tenants is bad (partial electricity, no hot water, holes in windows and walls, rats)-some visible mold on a couple walls-doesn't seem to have had any management/maintenance at allOwner hasn't been able to sell for a few years.   

Second is holes in doors or walls.

The kitchen/living room wall needs to go in my opinion.

I don't want to see cracks in the walls in 5 years because of foundation issues.

Two of the walls are part of the house and the ceiling is already there.

In fact, one tenant downstairs, who's an undercover narc, had his apartment broken into by someone climbing through the opening in the wall for installing air conditioners.

On the other floor, the current owner left an unfinished extra bathroom, walls to finish off in the laundry room, unfinished kitchen counters, a temp electric pole that needs to be updated to something permanent, and an ac unit that needs to be replaced.

There was significant water damage on 2 exterior walls that resulted in soft sheetrock in doors.

On the east and west coast, they might tell me to open up all the walls to see the wiring, etc., or even convert it back to a garage.

Gutted the bathroom, expanded the kitchen, knocked out a wall, added two closets.