Except any local overriding requirements, you should be able to bring up to code by:1) putting a regular wire nut on each end of the rid wire instead of the electrical tape 2) bonding the metal box to the ground wire through either a screw or a ground wire clip.

If the market is anything like mine, it is literally nuts right now.

@Lisa Leung this is not an inexpensive proposition but one that can be fruitful for sure.

Might not be a fruitful use of your time but never hurts to ask. 

Congrats, Bend market is absolutely nuts, too bad..

I am in a similar situation in that I have a decent income however, noT much cash as my primary mortgage is a big nut to pay.

Too many stories of how the buyer lost their cash in the deal and the deed was forced back to the owner, should the owner hire a crafty attorney and charge you with fraud, misleading the seller, blablabla all non-sense, and all solved by only doing creative deals where the owner/occupants move out prioor to closing.If I guess corrrectly; this guy is a nut, wishful thinking and you should make a written offer,  based on him moving out prior to closing.  

I envision a balanced well managed Rental Property Business being reborn and paving the path to a fruitful and prosperous future as a landlord and hopefully some day even expanding and adding more to my portfolio!

It drive me nuts when a successful person is being interviewed TV, Radio, Podcast whatever and the interview ask something like "what's your prediction about xyz?"

In 1988 - that is nuts!!