distressed areas work pretty good.fire burn outscode violations. burnt out landlordas to how to find them.all sorts of marketing media is available. 

The spread on that particular deal was about $350/month.

I’m not saying it’s a no -go ,but I am saying practice your due diligence and get some professionals involved before you get too jumpy  if those numbers are correct that's about as good as it gets spread wise in the Portland market.. 230k ARV is one of the very cheapest areas of the city if its a free standing SFR detached.. and you say its on septic that leads me to believe its not in the city.. and seller warranting that stuff is worthless.. just try to collect after the fact when he is long gone with your money.. get a good contractor in there to assess the condition and what it will take to rehab.. 30 to 40k in our market is basically cosmetic only.

Chances are, they'll only provide you their name but with social media, that's all you'll need. 

if you cancel the contract and don't make things right, word will spread...

In my area most of the properties with enough spread in profit cannot be financed due to their condition.

Call local banks, talk to your REIA, spread the word on social media and to your friends and family. 

They didn't know/didn't ask whether it was spread out against much more in value or not in cf assets.

More media exposure, HGTV, etc have increased the demand of "why don't I try that" people so prices on active markets have increased so it appears margins are decreasing. 

I've logged on and posted reviews to my agent's various social media profiles, and of course I'll send referrals directly as I have the opportunity.