They looked so similar at first that I thought one was owned by the other and they just changed the UI a tiny bit and altered the colors. 

It all depends on how risky they perceive the deal to be and whether that risk is acceptable for them.I personally look for deals that are yielding cap rates of 7%-8% or higher, which usually translates into IRRs in the mid-high teens or better.  

Specifically, in a model where we leverage with debt, the difference between a 50% NOI:gross rent ratio and a 40% or 60% ratio is enormous when translated into our actual ROI.

Vacancy rates are up of course, but I believe rents should be dropped accordingly (If you can cash flow at more conservative rents then you'll be fine).I wouldn't expect property values to increase on the trajectory that they did during the bubble, they will increase in a more modest and healthy manner and will increase mostly due to the pressures of inflation which will grow much stronger over the next 2-3 years.The real estate bubble can be likened to a stock bubble and other bubbles, but real estate as an asset is quite unlike any other asset in that it is a home where people live, it is a limited resource (land), it is part of the American dream (which may be altered now), and it is a nessecity to live (shelter).

There are terrific incentives for home owners but they don't translate to us which is very strange and probably political. 

Im also from NY (Queens) so some of the dollar amounts for labor don't translate to or market but may very well be somewhat accurate when translating to the Buffalo market.

I would just add an addendum to the lease (the lease should prohibit alterations to the property) and include the info in the addendum for how the cost of the 220 is split, who owns it at lease termination and who is allowed to install it (master electrician).  

Find someone who speaks the language of the father and ask them to translate for you.

"Sick and tired" may well translate to drug use.You can get test kits for only a few bucks.

That 3% can translate to just 1.5% if you have 2 years to repay the balance.