Not that you can try to negotiate better but it would at least be an interesting exercise to become more stringent on the property profile and back-off on the cash-on-cash return and see where it gets you.Or if cash-on-cash is the paramount threshold you can seek out value-add properties (risk/reward there) or some alternative markets that aren't as hot as Seattle.  

If Tenant fails to pay rent when due and the default continues for three (3) days thereafter, Landlord may, at Landlord's option, declare the entire balance of rent payable hereunder to be immediately due and payable and may exercise any and all rights and remedies available to Landlord at law or in equity or may immediately terminate this Agreement.

(http://www.loopnet.com/Listing/20404304/415-e-Magn...)This is more of an academic exercise as I am currently buying 3/2 SFRs, but I want to think about how to value multi-unit apartment buildings.

Do a mental exercise and add that $200 negative to your new mortgage payment  of the refi and see what the cost of that money really is.

One person did say, sell him an option for the lower price and let him exercise it. 

@Mark S.' suggest to "track every expense" may be a good exercise. 

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It was a fun exercise but I realized that I needed a partner.

If things are going smoothly, and we want to renegotiate terms with the seller, we may exercise our option and keep this in place for another 5 years.

A good learning exercise, if nothing else.You may also run into zoning issues.