The seller must have a ton of profit baked in if he can offer a 10% concession and he probably has a lender breathing down hos neck to sell it fast. if i were you id negotiate the price down a lot.

I don't know how that works but they won't like a new guy muscling in on them... are you dealing with out of state owners that don't have property management?

I also know how to fix old cars so I helped a different investor put an engine in his muscle car.

None of my stuff negative cash flows, nor does any of the stuff any investor I know of in your neck of the woods, spare maybe a flipper that negative cash flows for 3 months :) None of us buy at retail, either ... if you plan to buy your RE retail, then just buy an REIT instead and save yourself the trouble.

He went on to explain the damage was not his fault as he has a medical condition that causes a neck spasm and he does not have control of his actions.

@Russell HolmesI know my house was built with 2x4  and 2x6 panels as its common in my neck of the woods. 

That ARM turns into a rope around your neck when things don't go exactly as planned.There are variables in your life that you do not control, those variables outside your control are the ones that WILL jump up and bite you.I wouldn't touch an ARM, EVER!

But maybe it's just because I've become habituated to the yoke around my neck

My recommendation would be the Riverdale area, Pelham gardens, Allerton area, co-op city area, Throggs neck, country club, Pelham bay, Pelham parkway, Morris park & Westchester square.

The banks dont always see things rationally.Nobody at the bank wants to stick their neck out and do something out of the ordinary.