My only other option is to do spot treatments on the half that I own and call it a day.

If you're itching to make a deal, and you know your numbers are spot on, then pull the trigger.  

It's a drainage issue and when it "floods" it get a couple inches in some spots and quickly goes out.

The complex has a mix of 1, 2, and 3 BR condos, and the 1 BR units are in the sweet spot for us, in that their price is too low for conventional financing, leaving cash sales and owner financing as the primary options for incumbent owners of single units looking to dispose of their apartments.  

So you are probably spot on with starting to understand the market better.

Sanding and priming chipped paint in two spots.

I don't know the room number, @Elton Seton, but you'll be able to spot it easily.  

The Code guy says that the floor feels a little soft and he wants me to fix a spot next to the wall.

You are in a great spot and have a lot of options.  

Currently I have been browsing loop net to spot any good properties.