This property fell into our lap and we have been unsuccessful filling the vacancy.  

@Tyler Clark When funding for a deal under contract fell thru..I purchased with my own cash and got back 100% of purchase price plus some the first year!..

I since have sold that first house but fell in love with the idea of using real estate as an income.

This property is impossible to owner occupy in its current state and the serious offer they did have fell through because the investor realized it was more work then he could afford with offering 85k.

In this situation, the buyer has clearly made a serious economic commitment to the propertyCommercial real estate fell by 45% during the Great Recession.

However, many comps also lean to $550k and up.The seller did have this listed at 550k as of March, but says he de-listed in frustration after his last offer fell through due to bank financing issues.I have not yet seen the property as of yet, but hope to see it today.based on this limited information so far, does this look like a reasonable deal?

I know Kodak was a big employer their for years until they fell behind in tech.  

I had an executed contract fell apart with Fannie Mae due to black mold.That house had termites too, active termites, not "evidence of termite damages" which could mean live termite infestation or past termite infestation. 

That fell thru and then the housing crisis hit.

A tile fell off of my counter last time I was there, and it needed to be glued back and grouted before the guests arrived a few hours later.)So with the caveats…It really is a way to earn good money on properties that are too expensive to cash-flow with a lease.