I thought I could offer $85K and depending on the inspection see if there would be anything unexpected that may eat away my rehab budget. 

The lender gives me a loan for conventional mortage with 20% down on primary residence (lower rate than when buying investment property) But something unexpected happens after closing date and I can't live in it.

Consumer, this was totally unexpected, no way we could have foreseen this, totally a surprise, but let's talk about a 30YF"), surcharge them a bit on the 30YF (what they do qualify for), to subsidize the very small minority actually getting the 15YF.

From conversations with previous tenants, the landlord is currently serving a prison sentence having inherited the properties unexpectedly. 

My bigger concern is whether she can actually afford the rent long-term, or if any "unexpected" event from here on out will put her further behind.

Columbus is a top five appreciating city in the US with an unexpected mix of cash flow which is backed up by a population and job growth.

That means that after 20 days if the underwriter finds something unexpected and denies your application, you would be free to walk out of the contract with all your deposits refunded.

You seem to get that and are willing to do the work which is important in this business.As you grow, you will have to do less and less of the work because you will be able to absorb these budget increases for unexpected things. 

Might also want to consider having a reserve fund for the rental upfront (ie. 4-6 months mortgage payments- or a dollar amount that would help you sleep better at night in case something unexpected comes up).

You can see in the violin plot that compared to 2019, the long tail of slow-selling properties gets visibly thinner in 2020 and 2021:The closing price vs. list price graph further highlights increasing frothiness in the market:Properties that sold for the highest percentage over list:Listed 7/17/2021 for $589,000, sold 9/8/2021 for $753,000 (27.8% over list)Listed 11/4/2021 for $399,900, sold 12/14/2021 for $504,200 (26.1% over list)Listed 7/16/2021 for $524,900, sold 8/19/2021 for $650,000 (23.8% over list)Properties that sold for the highest percentage under list:Listed 7/18/2018 for $539,900, sold 2/1/2019 for $300,000 (44.4% under list)Listed 7/27/2020 for $1,950,000, sold 11/30/2020 for $1,250,000 (35.9% under list)Listed 6/20/2019 for $749,900, sold 12.30/2019 for $530,000 (29.3% under list)Wrap UpNothing unexpected fell out of the data; prices increased considerably and the Quincy market got hot during a time of historic asset appreciation nationwide.