In my opinion...slim to none.

. $100k property commands $1000/month rents)Assuming you are wanting to make your profits from cashflow, 850 is too slim.

This is totally different from our (Hbg Metro) market where desirable inventory is slim and competition has driven suburban "distressed" prices close to bubble territory, IMHO.  

If that's the property you really desire for your portfolio, then slim it down in a good, conservative model and see what it works out to be.

I just don't buy anything on such a slim margin.

Since you don't really know how to value it, structure it, finance it or even tie it up, you've got a slim chance of monetizing the opportunity while you worry about loosing it.

Too slim of a margin in my mind…

That feels really slim for 3+ months of work, swinging hammers myself, and hiring contractors for the specialty jobs. 

The court will be watching for "equity stripping", that is, selling for below fair market value which usually is established by a broker or appraiser.So I’m essence my chances are slim to none 

Not yet, just the spread between buyer's offer and seller's expectation is slimming down, so I do expect to see more realistic purchases soon.