Firstly, forget about the 2% rule - it's fiction and, other than perhaps a benchmark by which to pat yourself on the back, has no relevance to evaluating a business (which is what you are doing).Let's say average rents for similar buildings (12 - 20 units) in the same local area indicate a theoretical scheduled (not gross) rent  of 110K.  

I am a recent graduate of California State University of Fullerton where I obtained a B.S. degree in Political Science and American Studies.

First off, I have a BS in Computer Science from NC State and 30 yrs experience working at the same university and the last 15 yrs has been working with ERP systems and Identity Mgmt systems. 

This business is not an exact science so those who are the most successful at it usually are the ones who are trying the most.  

I hold a masters of science in accounting, and i have experience in the health care industry & Banking.

I started out in computer science but soon grew tired of working in a cubicle for limited money.

Depends on many factors, needs of a seller, your needs, type of property, property condition, use of the property, potential of the property, value that may be added and time frame.Many other factors too.RE is not a step by step, deal thing, it is as much an art as a science you won't paint a master piece with a paint by numbers set!

If the purchaser and seller both agree to meet at $80,000, they are both misconstruing a higher (fictional) sales price.

It isn't an exact science, but there definitely should be a discount on work done 6 years ago.

Yeah and I've read plenty of other works of fiction also.