On the surface it looks like the numbers might hold, but have you dug in and run the numbers?  

Surface- Rock or hard surface (concrete/asphalt);If on rock/asphalt put your tongue leg or stabilizer pads on widerpads to spread the weight out.

Surface- Rock or hard surface (concrete/asphalt); If on rock/asphalt put your tongue leg or stabilizer pads on wider pads to spread the weight out.

That said only offering list price seems extreme.It's hard to completely condemn the Realtors behavior without a little bit more info on the market, list price etc.on the surface though Realtor doesn't seem like they are doing well by their client.

I will know more on the condition of the units and the building next week, but on the surface this seems like a logical deal.

There are simply too many details that haven't even been brought to the surface.  

The rot comes from the water “sponging up” through the unpainted wood on the bottom surface of the column where it sits on the concrete.For the deck, if the yard slopes away, you can bury a longer black flex pipe so the water comes out 10’, 20’ away if you want.

@Marci Stein   good rule of thumb is 50% which includes reserves and PM... so on the surface over time this is probably a break even property which is pretty common for A class.. you are banking on appreciation and your tenants paying down your mortgage so you create equity every month. there is nothing wrong with breaking even on A class and having your tenants pay your mortgage.

I've found that after I take into consideration my contingencies seemingly good deals on the surface don't look so attractive any more. 

Hopefully, the grade drops 1' vertical in the first 10 horizontal feet around the house on all non-hard (concrete) surfaces.