It seems like it could be a sound investment so deserves more extensive underwriting.

Sounds like an unreasonable seller and the most likely reason for them not wanting an offer with a financing contingency is the property is in too rough shape to get financing on it (structural damage, fire damage, etc.) or won’t appraise anywhere near asking price.   

This can only sound biased, so if you reach out I will send you references and pricing.

While preferred returns sound appealing, they are often not realized as monthly cash flow.

it sounds like renting a whole house, youd make more It would probably be less work renting the whole house too.

Good luck—it sounds like a great opportunity!

You may or may not wish to fix it since its likely too late to charge the last tenant's security deposit for it and also that it sounds so minor that people didn't even notice it right away.

@Nick S. it sounds like this property isn't close enough for you to self-manage.

Go ahead and state who you're working with, this sounds eerily similar to something we've heard on this forums over & over.Below is Josh's link. 

Definitely what I was thinking and sounds like it can be done. 5.25-% rate on a 1.2$ house is definitely more appealing and opens doors up as opposed to 6.7+ rates.