Do they have any upcoming travel days where they may be heading out of town?

This deal seemed to have a big profit margin but I don't want to waste more time dealing with it when it appears to be a situation where you can't get blood from a stone...the seller appears to be heading toward bankruptcy.I'm leaning toward finding something else and walking away from the deal. 

I'll shoot you a PM when I know I'll be headed that way and would love to meet and see what's going on in your area.  

This will better help you get an understanding of not just where market is today, but also where it may be heading.

@Greg Hall@Darrell Shepherd @Hattie Dizmond @Jay Hinrichs Ok everybody I'll be heading to the owner in a couple hours to get the paperwork signed.

You sound to be headed in the right track, as a lot of good folks are here on BP in that they want to offer a balance of higher quality living, take a slightly lower net amount home - but have happier tenants and in turn be a much happier landlord. 

With so many baby boomers retiring and the "governor" on mortgage lending, I predict a good appreciation pace for 7 to 10 yrs.Then, when you see advertising for...100%, 80/20 Hybrid pay option arms with a 650 score and no job....jump off the train and sell all properties, cash out of mutual funds and go rent a freakin palace for 5 yrs, because we'll be headed over a cliff again!

I will be headed that way tonight.

I think this property may be in pre-foreclosure and will be heading to auction.

Of course, filling the property if your tenant moves out is more complex, but if you have your paperwork and policies squared away, it is just as simple.There is some great information on this site about managing your own properties; you should check it out and get comfortable with what is involved and save yourself some money.Hit me up if you have questions, I will be heading to the Virginia beach area when I retire from the Air Force.