I also work in the Rochester, NY area providing deals for cash buyers.

Another similar property was under contract at $290,000 after receiving multiple offers, but it also needed significant work.

These properties can be a lot of work through getting permits, remodeling it and sometimes city wants new codes for the property too (I.e. fire sprinklers etc.).

New Roof, Foundation repair, New LDL flooring, Drywall work, New paint, doors, trim, appliances and new full bathroom on the 1st floor.

It was a learning experience but I made it work in the end.Mine was a 5 unit commercial building that needed a gut renovation, similar to yours. 

I would WANT to borrow as much as the property would support, to better position myself for my next deal - I am working toward a $3 million portfolio. 

I have found that by switching to soft copies, I work much faster, and it speeds up the exchange process.

It takes a lot of phone calls and asking around, but you can normally find a local or regional bank that is willing to work with investors on these types of properties.Mike

Whether you're an investor looking for opportunities abroad, an agent working with international clients, or a developer seeking foreign buyers, having the right network and knowledge is essential. 

I'm not familiar with the area, but do entitlement work in SoCal.