I went that instant to Barnes and Noble and bought my first BiggerPockets book and haven't skipped a beat!!

He instantly makes 10-15K, has his entire original 75K returned, and now owns an asset that will give him $500 a month in cashflow (technically infinite returns) for the rest of his life.

Selling price was below actual value and got instant equity.

Having said that This place has $100,000 instant equity.

I see two reasons for this: a guaranteed instant profit plus the ability to realize that tax free when selling.

Comps in the area are 10-15% higher than my purchase price so I should have instant added equity without having to make any upgrades/repairs.  

It also gets you instant profit to use for consequent puchases.

I always like the idea of buying a property that is poorly managed (which it sounds like this may be) and looking for value plays to increase the value and create instant equity... for the occupied units, how does the rent roll compare to market values?

While it'd be a great feeling,  to instantly be debt free, wouldn't it be a better feeling, to use all the rental income, and be debt free in under 5 years, and an additional $700/month, and have an asset worth $65K?

For me personally it would be better to purchase many less expensive deals that instantly provide positive cashflow than one here in CA that may or may not.