There were lease violations disrespecting the other neighbor's leased space and harassing the other neighbor and they smoked in the property against lease, lied about conversations, has made up stories about plumbing issues that plumbers couldn't find causes to, tried to get a dehumidifier and force me to pay, accused me on two different occasions very agressively in regards to the heat/electric service.

Also keep in mind how your neighbors are going to feel, you most likely wouldn't be happy if this was moving next to you, your neighbors there are likely to feel the same way. 

You could structure the deal with seller financing to bridge the gap.Possible offer structure:-Purchase Price: $170K - closer to actual value-Down Payment: Low or zero down to conserve cash-Interest Rate: 3%-5% - or better yet, 0% if the seller will agree-Monthly Payments: Interest-only or deferred until the sale-Balloon Payment: Full payoff in two years when you sellIf he wants $200K, you can still make an offer of:-$170K purchase price + $30K as a second lien due at closing-Seller carries $170K at a low interest rateHe would feel closer to his number, but you still keep within reasonable investment limits.2.

I paid just half of the price on it and have now made 50% appreciation on an unfinished home ..or 100% ROE on what I have actually paid.

I personally feel that this window provides a good hedge without being too expensive.

@Martin Manning To add onto what others have shared, in the most simplistic terms, apartment complex values are based on Net Operating Income, or NOI, and the cap rate.Price = NOI / Cap RateSo, if an apartment complex has an NOI of $100,000 and a market cap rate of 10%, the value is $1,000,000.Listing agents for complexes love to price based on a pro-forma, which is utter nonsense (unless you're in Austin, in which case apartment complexes apparently have floors made of gold).

You'll have tenants that don't pay, damages made, and potentially other disasterous situations occur on your properties. 

What made you interested in investing in this type of deal?

However my understanding is that exceptions can be made if unexpected life events happen such as job relocation, eminent domain, marriage, divorce, changes to family size, deployment, imprisonment, bankruptcy etc. 

Feel free to reach out if I can provide any insights.