Many of the pictures are washed out or too dark.

The dryer is 10 years old, and the tenants have a newborn baby so I know they are doing a lot of laundry.

Looked at the pics.I would power wash the sidewalk next to your building as well as the entrance and patio.They are real dirty and you can see algae growing on them.You can rent concrete pressure washer with a high PSI at Lowe's or Home Depot for cheap.Make sure you spend a little higher amount to get the high psi sprayer.Do Not use it on the house but concrete only as damage can occur.The houses use a lower psi sprayer than the concrete ones.I would say you are looking at identity disorder with this property.I get your story about it but what else is around it??

But, I digress.I have contacted several people through Craigslist and a few kind of wrote back, but one buyer came out of the bunch with a laundry list of actual needs.

If we're talking about conventional lending then yes cash flow properties (cash flow on tax returns/financial statements) can be used to increase income but some local/community banks or HELOC lenders may only allow the positive income to "0" out or wash out the mortgage against your DTI but not allow the positive income to be used in helping you qualify for additional loans or financing because of the exposure to additional leverage and risk they may have to take on.

Did you search online or was he referred to you by someone?

If there are other revenue sources (parking spaces, storage lockers, coin laundry, etc) you would add that in as well.From there you can figure 50% expenses to get your NOI.Your NOI divided by your purchase price is your CAP Rate.What you'll usually see is someone saying they're gross rents are $1,000 so their GOI is $48,000 for the Quadplex.Their property taxes are $3,000, Dwelling Insurance is $800, Sewer/Garbage is $4,000 so their expenses are $7,800.They will claim a NOI of $48,000 - $7,800 = $40,200 and then calculate a CAP Rate off that.This is a garbage calculation.

Some add a laundry room for additional income, but I have found the income versus the utility outlay does not always balance out.

Or you could pay him to wash your car and he just happens to leave a bunch of comps on the passenger seat :)

I decided to wash my hands with this deal and focus on the prize of what is coming.