Hey Milena, have you checked for reasonable comps in the area?

.- We also negotiate a reasonable completion date, depending on the Scope Of Work (SOW). --- Who gets all the phone calls and wastes time calming a tenant down because the owner's contractor doesn't show up as scheduled after they took time off from work or a 3 day job takes 3 weeks?

For several reasons (property taxes, politics), I would prefer to begin real estate investing somewhere other than locally. 

If the electrician’s quote for replacement is reasonable, it might be worth negotiating with the seller for a concession or price reduction.

Reason for asking is that I am trying to understand what a reasonable target rent per unit is for specific geographical areas. 

The reason we were able to make the deal work was the seller agreed to take a percentage lump sum up front.

At the pro forma income, the cap rate would rise to 8%, which is more reasonable but only achievable after renovations.

A reasonably good source is AVVO.com by zip code and expertise.  

Maybe the reason you disagree with the dollars is that you are comparing a cash on cash rate of return with actual dollars.

If you already have low respect due to a pre-determined mindset, it's hard to approach the community with an even or reasonable keel.