If I was to put an offer in I was thinking about offering them half of the asking price because it needs roughly $30000 in repairs and updates to make it competitive (based on many other places being modernized). 

It needs alot of updating to modernize it so that's why I'm shooting low. 

Two retrofits didn't meet modern egress code, and they replaced them.    

Texas, lived in Houston for 9 years after graduating from Texas A&M and for the past year have called a small town in south central Arkansas home (El Dorado, AR.).Having lived here for a year I’ve seen what this market has to offer from a housing standpoint and there is a serious void of modern/updated housing, be that for sale or rent.I’ve decided now is the time to begin my journey as an investor.

Assessing a syndication deal is not rocket science- but on the other hand it is not at all trivial and there is much to be learned.There  are many factors to consider aside from the proforma figures thrown at you by the broker/ syndicator.To mention a few:  Syndicator/Company background/  experience/ Track Record.Investment Strategy and Process.TeamAlignment of InterestMarket PPM- Fund termsWaterfall and FeesAccounting/Valuation/ReportingLegalsIMHO point 1 above is more important than any of the others and should be the make or break before even considering the specific offering.

If that red wall is redgard coating, and you're going to tile it, I'd say before you do that go all in: open the wall, and replace the whole valve with a modern one where the cartridge is easily replaceable.

It's not rocket science - but you do have to take the initiative to learn and grow understanding the online space. 

Evaluation of credit is both an art and a science, there are advantages to setting minimum standards, also advantages to making exceptions.

@Scott GrahamThis isn't rocket science. 

The inside is in good condition with modern updates.