I've been in the place. I know its sound.
Funny yet horrible story behind this place:
The guy that used to own it moved out of state to be closer to family, so he rented the property out. At one point it was almost rented to my wife's sister and her now ex-husband. Im glad that didn't happen (and I dont mean due to the divorce. It gets better.)
Once the place was rented, the tenant happily paid her rent every month, only to find out the home had been in preforeclosure since a few months before she rented it!!!! The owner stopped paying the mortgage. Imagine the shock when we all found this out he had been taking this woman's money every month and not paying the mortgage!!!
She kept the home in good condition and has since found a new place. It still blows my mind that people can do things like that.
But i digress: the home is in good condition and Im in the process of getting this deal funded. The Realtor is out of town this week so I have some time to get this in order. Wish me luck!!