There is a 'comp' listed for $200,000, but it was sold as-is and needed great repair.

I am invested in a small multi family in TX and the management was not able to fill the property and do repairs and the income has dwindled badly.

This property is ready to welcome its next owner with no repairs or updates needed.

Probably they make it up in upcharges on maintenance repairs, or they will keep all your application fees, processing fees, tenant charges,pet fees and charges or make ready or something somewhere. 

The Property Manager usually does light cleaning and repairs between tenants.Recommendations or another way to think about this? 

You will have holding costs along the way with repairs, maintenance, taxes, etc.

Are you quoting net cash flow - after taxes, insurance, maintenance/repairs, property management if needed? 

Perhaps, they can get out earlier such as July so you have time to do the necessary repairs so you only have one month of vacancy.

Is it a plumber that did a repair on one of your rentals?

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