It was a pretty slim lease agreement, so maybe better to ask them to sign new agreement. 

.($80K * 80%), but you get the idea.If you did the same thing but used debt for the purchase and rehab, then you would owe $60,000 already on a property worth $80,000, and it is unlikely anyone will lend against that slim margin.Another strategy for raising cash is equity partners. 

But capital is slim, credit is great, annual income for Northern California standards is low.

so it looks like rent is under valued but they have another year on their lease...and its a long term tenant w/ young family...I don't know how I'd feel jacking the rent next year.I guess other factors may be that it is close to a large corporate park/employer, so vacancy may be slim-to-nill and its in a fast growing suburb part of Austin, so maybe property value will rise and rise and rise?

Cash flow in Boise is pretty slim for sure,  but growth keeps happening and we expect our population to keep growing for years to come.   

And based on your answer, I get the sense that the likelihood of an inspector missing something of this magnitude is slim. 

The listings are so very slim in my area.

You can ask a higher buying price but then your pool (*ba-dum-psh*) of buyers may slim down, leaving you with longer DOM.

It’s slim pickings in my area right now.  

Best optimistic guess....your chances are very slim.