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.

Here are the details on the propertyJanesville, WI4 unit; 1b/1b eachAsking Price: $100k (Also assessed at 100k)Rent: $2300 totalLandlord Costs (Gas, Water, lawn/snow): $303PITI: $832 (after Refi with loan value 98k)Vac, Maint, CapEx, Mgmt: (8,10,8,8) $782Repairs: 17 yrs SMOKE DAMAGE; new roof; new windows; Kitchen updating - Estimated: $25kMy only comp is another seller with 4 unit; 3 units with 1 bed, 1 bath; 1 efficiency; who said they were putting on market for $160k (though assessed at $115k).

Set house rules, no smoking inside, kitchen cabinet space designated per room.I have a house 6 guys living there by the room. works out, they have a chore chart sheet like who takes trash down, who cleans bathroom week 1, weekly clean up of main areas on Sunday week 1 and they switch off weeks.. yup faces change but not to much of grief factor. they seem to realize that they all are saving some bucks with this arrangement.