As far as studios go, 280K is a low price, but without knowing the expenses and the rent you can expect there, its tough to say if the deal is good or not.

I had a heart-to-heart with the contractor and made it clear what our expectations were and no more money (he was asking for a second payment of a three payment contract) would come his way. 

This sets the right expectations. 

Simple Truths.But you can make a ton of money, if you do it correctly.Why doesn't McDonalds sell T-bone steaks?

I miss not having a feature request or roadmap presented so we know what we can expect in the future.Here is a list of our main issues:1) Maintenance.  

Of course, everyone gets to set their expectations.

Clear communication on expectations is key—I'd definitely push them to split that $250 cost at the very least! 

There's another set of people who go to pains to cross every T and dot every I.

Expect rates to be higher than "typical" financing programs - right now, I'd plan for at least 8%+ depending on the whole scenario. 

This either sounds like a seller looking to "retire" and liquidate his holdings or a Section 8 owner that hasn't kept the property (or rents) up to market levels.So, based on the numbers you're using, what return (IRR, Equity Multiple, or ConC) are you estimating you'll generate over your expected holding period?