The condo-conversion workshop you described sounds like exactly what I need, and I'd love to be introduced! 

Sounded like there was heavy paperwork involved.  

Louis (though I was born in STL).This sounds like a great property.

Given their age and position in life… mailbox money flow forever sounds like a good start to retirement to me!

Not sure how many PMCs you've had bad experiences with, but we'll take exception to:"Then do a thorough research on tenant applicants (note: leaving this to a PM may be hazardous to your financial health)".BP seems to have more threads about screening mistakes by DIY landlords as opposed to PMCs.Now, if you'd have mentioned Maintenance, you'd get no argument from me:) Even the PMC industry acknowledges maintenance as one of the biggest challenges.Rereading my post, I kinda see how I sounded negative toward PMs.  

Never heard of Investor's Edge, but this sounds like a straight up scam.

Neal Bawa sounds like he knows what he's talking about, but his track record is terrible.

Overall, sounds like there is more inventory coming on line in 2025 in some major markets so wondering what some of those leading indicators of a "bottom" might be.

@Mike Terry sounds like a pretty good argument to go after the property, I think your question is more along how to value it, and account for the deferred maintenance. 

Low or no down, seller financing and low or no interest with a balloon payment later is the holy grail (location, building condition, market also matter but it sounds like you have all that).