Thank you for your comments.According to the RE posting it went from 1,200,000 down to $670,000 for 4 brand new occupied rental units.  

I am brand new to REI, so my inexperience is an obvious limitation to going OOS in the near future.  

I'm a brand new RE investor (haven't even done my first deal yet!)

I'm Bruce Gardner, brand new to the site, and brand new RE investor. 

That is very unusual for a brand new member on BP and there is no information about you on your profile (just like the guy who has be creating bogus profiles for the last 6 months or so).

The property when they bought was closer to brand new or totally just redone.

Brand new to BP, just Signed up for last night.

And, in all those cases the sale would be branded to them. 

See the Zillow link for the property below; interior is only 2,000 sq. ft not 2,556 (2,556 includes the garage)https://www.zillow.com/homedetails/600-N-13th-Ave-...Work for this house would include turning it into a 3/3 while leaving the existing 2 car garage, 3 brand new bathrooms, remove the wall separating the kitchen from family room, refinish and/or replace kitchen cabinets (countertops will be reused), replace all exterior doors and windows with new impact glass, new HVAC system with duct work, minor electrical (high hats, new fixtures, inspection repairs), paint, new casing/baseboard, and maybe new interior doors. 

Also, there seems to be something psychologically challenging for good tenants who get a brand new 1-year lease in front of them that makes them go out and see what else they can get, whereas they seem to forget that they're renters if you just let it go M2M on expiration.