Built in 1906 with several major remodels, it commands $3350 at present with the owner living in the first floor 2/1 unit.  

I'd also suggest you have a good command of accounting principles, more so than covered in the CCIM.

The area rent comps generally command $1100-1300 depending on the level of amenities.

You may have to let the current tenants leave so you can command market rents just screen the next tenants real well to avoid future turn over.

And it's going to have been professionally managed so you should have some degree of confidence in their ability to accurately price per-night rates as well as when they can command week-long rentals vs. being open to nightly stays. 

If you want to command top dollar for your rental you need to have a top notch product, right?

The syndicate will typically renovate the apartment to command higher rents, bring in expert property management to further optimize the property including focusing on expense reduction and other income producing opportunities that may have been overlooked.  

So REOs command a much larger discount than just the cost of the fixup.

I don't mean to scare you either, I'd just suggest laying the cards on the table and say that you won't have a problem doing this deal, take command of the deal but don't excited about it.....hard to describe, maybe respect the lender and rely on thier knowledge instead of telling them about how great a deal is.

Many projects may command 30% yields with the risk instead of 20%.