You are rationalizing a bad situation.  

Wondering how buyers are rationalizing offers way above asking?

Not even looking at the numbers themselves or the rational I would have not gone further myself.

However, I can give you 3 Core The Knowledge Base, and the 2 Golden Rules I use with no deviation:Golden Rule #1:  Never under any circumstances, ever, for any reason or rational, ever...SPEND your own cash/money.  

You would be rationalizing...and that can be very expensive. 

So for now I was hoping to find an alternative that was still beneficial and rational for someone like me with a full time job.

But maybe that's just me rationalizing it in my own head haha

My rationing is if we do a rehab, we can share the benefits of removing eye sores.

Not being able to see unit mix / expenses, etc, here is my VERY rough analysisAssume average rents are $2500/unit/mo, annual Gross Potential Rent is $270,000  (Calc as 9*12*2500)Assume an expense ration of 50%  (This could be way off, but it is good enough for a SWAG)  That would give you operating expenses of $135,000NOI then would be $135,000  (270K-135K)A NOI of $135K on a $3.75M purchase price gives you a Cap rate of 3.6%.  

I recognize you want the property to cash flow but as you've pointed out already, there were very rational reasons why you did what you did like paying off your hard money loan and credit card debt.