He wants to sell ASAP (his words), so that kind of screams motivation to me.

I would not buy a property that did not have utiities separated, unless I could get a screaming deal on the purchase price.  

If you look at most people who succeed they have all gotten a lot of bloody noses.

and that was a screaming deal.. so even though we have hoarder we still have to pay a bundle for the props..

first thing that screams at me is zoning/city/permit issues. 

Ah, so I was right to run screaming from that room!

Like @Andrew Johnson said, this place screams high risk to me. 

There seem to be a lot of unknown variables going in and it probably isnt worth the effort unless the numbers scream at you otherwise.

The seller had owned it since 1949. 4 Units 1BR/1 bath each (these are true 1BR units, not walk-through or "shotgun" style)3 units currently rented at $525, $525, and $550/month1 vacant unit that's turnkey and we have listed for $550/monthThere is a detached garage that should rent for at least $50/month.Gross income = $2200/month, $26,400 annually. 1% rule = 1.19Sales price: $179,900Seller put $3,000 toward closing costs and credited us $4,000 for a handful of minor repairs that came up during the inspection. 30-year fixed rate mortgage at 4.25% with 25% down ($664/month)2016 Taxes: $2,009Insurance: $983/yearTotal PITI: $913ExpensesWater, Sewer, Trash: $218/monthVacancy & Credit Loss: 5%Property Management: 10%Maintenance & Repairs: 15%Total Expenses (w/out P&I): $1127 (52%)$2200-1127 = $1073 - $664 (P&I) = $409 cash flow/monthCash out of pocket (inspection, down payment, closing costs): $45,981Estimated cash-on-cash return: 10.67%This isn't a screaming deal by any means, but it's a solid base hit that gets us "in the game".

I knew I had entrepreneurship in my blood. I