@Jeremy:The condo association takes care of all the external's.  

I believe that cutting an opening on the side to make a door could compromise the structure of the house... as external walls are definitely load bearing.

Once they run out of money they need to raise it externally...so you need to be able to convince people you know what you are doing to continue to grow in the short runProperty is very expensive and demands leverage.

So to boil that down in a bit harsher terms...Because we don't have anything to dispute in terms of evidence, we are pretty much out of luck?

Would consider looking closer to your location vs having to rely on too many external people. 

The no-external-maintenance factor is a huge plus.

They've only posted external photos which leads me to believe it's a wreck inside (it was built in 1933 and further work done in the 80s).Comps/recently sold in the area are $400K+, however these homes are in much better condition and have significant remodeling.Should I base my MAO on land value.

If you have a low cap rate and expected appreciation is higher than the rents support, your rent is to low or expenses are too high or you have external market factors (area, neighbors, external obsolescence) depressing rents and therefore appreciation.  

yea the only things that are not cash purchases are purchases that depend on external financing.

Or should I purchase an external hard drive?