Someone has to take care of our seniors so its good that you will do so.

Built in early 1900s but have had all updates and well taken care of. 

You need to be careful.

Many have posted a few great tips already, that's the cool thing about this forum ;-) That said, I highly recommend using the awesome tools provided here on BP to learn the basics of analysis and underwriting.A few tips to get started and your continued learning:Find and connect with other BP members that are in your area.Set up keyword alerts to be notified of the topics that interest you.Read Beginner’s Guide.Check out BP Podcasts.Find upcoming real estate events and meetups near you.If you'd like to tag someone in the conversation, type @ followed by their name and then select the name of that person that appears below the comments box.

It further limits color selection!

Do appraisers price in these circumstances or do they only care about the selling price, square footage, lot size, and number of units?  

They write selective truth.

I would be careful entering into an agreement like this with someone I didn't know. 

I always look at it from the perspective I don’t care what there number is, what is my number ?

There are those who purchase in their own name, then transfer to an LLC, not caring about the due-on-sale clause issue.