I am just trying it in the python window right now, but it will be a piece to a tool that I am working on.
import arcpy
arcpy.env.workspace = "W:\ENG\Geomatics\PROJECT\Python Script"
arcpy.Buffer_analysis("5yrContract_subset", "Cont_Buff", "50 METERS", "FULL", "FLAT", "NONE")
arcpy.SelectLayerByLocation_management("Culvert_subset", "INTERSECT", "Cont_Buff")
arcpy.SelectLayerByAttribute_management("Culvert_subset","SUBSET_SELECTION", '''"STD_CND" in ('poor', 'Very Poor' '')'''
Parsing error <type 'exceptions.SyntaxError'>: invalid syntax (line 8)