It is true that most units just need paint and carpet. There is a new listing today for 52K.
If you were to invest in this unit it would cost you about $590 a month.
100% loan at 5.7% $300 a month
taxes 50 a month
HOA $240 a month ($199 in listing)
Total $590 a month

This unit would rent for $700+

The plumbing problems were not in the units. It was a shared line. There was more than one leak. They replaced the lines running outside the west end of the main complex. There was also standing water near the pool/end units in the main complex. There was also work done in the older complex west of the main complex.
This complex has destroyed comps for this area, but it’s not the only one to blame. I think any condo conversion done between 2004-2007 will have an affect on prices in all areas.