We’ve looked at hundreds of listings to familiarize ourselves and have found about half a dozen gems (light rehabs that would be an all in of 60-70% ARV).

I.E, clean with a strong degreaser, scuff the surfaces lightly, and use a high quality paint like Sherwin Williams Emerald line. 

Located near traffic light  intersection.

I had even replaced some of the oven elements & light bulbs earlier in the early to keep it "like new". 

In short, this is the exact same process as any other transaction...contract, title, close...some thoughts...Down- 25k is a bit light (even though this is all relative...I personally offer 10% down to open and some folks are fine with that)...I would ask for 20% down to protect the interest of your client...the buyer would get a 75% LTV product from a bank if they were not occupying the property.

I suggest you read read this article, as Brandon Turner does a great job shedding light on the subject.

Sometimes, the light would go on and we would find a bug. it happened twice, maybe three times until we put two and two together.

-No holes in any doors, walls, or ceilings-Fire alarms and CO2 detectors in good working order-Lightbulbs working, and all light fixtures in good repair.

Think your expenses are light - you might try running it again with 50% expenses and see what you come up with.  

The lighting fixtures should be updated or spray painted to look new.