This is really the only way to build what you would consider an All-Star team.  

Would you consider an 1860s property there 80%+ occupancy but cash flows great considering things are depreciating ?

I require a letter of Loan Pre-Approvial letter AND a POF to consider an offer. 

I would consider an alternate shutter color to make it pop and possibly a more visually appealing front door. 

I'm not looking for a dream home and I'm not paying market price for an investment property.I feel like you're working against yourself hassling with a selling agent that won't even consider an asking price offer.  

Most likely will still require a personal guarantee though.I would also agree with William in that if the goal is liability mitigation, consider an umbrella policy.

Assuming the numbers work very well, is there a reason we shouldn't consider an office building that old?

If that is the case you might consider an extra opener affixed to the wall if its close enough, then everyone pushes a button once they go in. 

But, an acceptable capitalization rate for valuations in real estate is usually 10%, the minimum generally required by similar investors.Call an appraiser in your area, just ask them, when using the income approach to residential real estate valuations, what do you consider an acceptable capitalization rate?

Also consider an FHA 203k loan so you can do some rehab and have it added onto the mortgage.