Would your first instinct be to offer a much lower price?

For example if you acquired a property in September 2017 and have $120k showing on the "depreciation" line, it makes sense why you wouldn't have rental income until Feb 2018.... obviously you were gutting and redoing that property. 

I don't always take her suggestions but it gives me a good idea on what to do.Kitchen Gut (medium grade SS appliances & Granite) - about $40/sq ftHVAC - Duct work - $2.50/sq ftHVAC - Compressor - $1,750 + ($1.00/sq ft)HVAC - Heating Unit - $2,000Those are quick estimate numbers that I have found to be good for North Texas.

Guts How did you finance this deal?

I don't mind something that needs a little rehab just not a total gut job since I am not in the area. 

@Daniel M Gibson sticking to fundamentals and your "gut" is always the best course.Unlike 99% of the investors on this site, my take is that investing for cash flow is a bad idea...it creates a jaundiced view of how things work...meaning that investing is about controlling assets as wisely as possible...not immediate cash flow.I use seller carried loans routinely because I'm in for the long haul (and I don't need rental income to survive)...as long as the purchase price makes sense, I could care less about income...the concept is debt paydown and future equity.

This is somebody who is desperate and my gut feel is there is more to the story than just a divorce. 

We moved into my mother-in-laws walkout basement, not before completely gutting it and adding a kitchen.

Trust your intuition and gut instinct.

I feel much better about my gut feeling now that I have some experienced people backing it up.