Given that 5+ unit complexes puts you in the commercial real estate realm, you know will be dealing with seasoned investors that rely on the numbers to value property vs. comps.I think by buying turnkey properties, it really limits your ability to find smoking deals.It’s not impossible, but certainly much more difficult.However, you may be able to find a turnkey property that has poor management (unlikely) and force appreciation by improving on that fact without doing much else.

Sounds like your property is worth alot more than mine was so dsay yours had the same $50k damage mine had (mind you the fire didn't touch my house, it was all water, some smoke and firefighters breaking stuff).

Your accountant is smoking something.  

NOt bad but can be risky at that price range if your stuck with themIf its 3k sq feet take 100k off your all in and your at 150 to 175k per and that is a smoking deal I would do any day of the week.. especially if you can get bank financing for your vertical with say 20% down.

Why is the owner selling is my first question.....and prepare to have smoke blown your way.

Many small drywall holes will need to be patched, then every wall and ceiling primed (with Kilz, for the smoke) and painted.

Smaller safety items  (fire doors, hardwired smoke/co detectors) can often be forced at any time in a lot of cases.

Evidence of smoke/charcoal was on the electrical plate inside the dryer!

I do mine quarterly, there is a lot that can change in 3 months, batteries in smoke detectors, leaks under sinks, furnace filters, roofs, cellars you name it.

My house was a 1974-built foreclosure that reeked of smoke, but had nice cabinets and granite countertops.