Yes I know, general sentiment is don't invest in condos.

Wheatie / Greg, thanks for your insights, some very valid points.Greg, I agree with your sentiment, today 10 yr. treasury is up to 4.10, highest we have seen in a long time.

Since it's FSBO by a relative of the owner, I would try the tactic of playing off of the personal connection/sentimentality by letting him know you think it's a great house that's worth "saving" but it's going to take a lot of work and money to do that.

I hold no sentimental value to it myself so I'm not afraid of trying to get more then it's worth out of it.I apologize as I do tend to ramble.

Ditto the above sentiment, been there done that.

Data by zip would make it more apparent.Of course jobs and buyer sentiment are part of also.  

As far as housing, I believe the sentiment for many will get to where it was in the early 90s in California (Don't waste your time on real estate here).

I strongly echo the sentiment that you should find a realtor well-versed in the investor side of real estate. 

And how would investors capture extraordinary returns if they didn't work the opposite side of the popular sentiment?

If you where a newbie in my shoes, how would you solve this problem to make a profit and also keep something with sentimental value.