I had a couple of old retired guys, a plumber & a HVAC guy working on a 1978 vintage rehab I did for $20/hr.

If we play our cards right, we think we may be able to knock the price down significantly further due to the mold issue.To make it even more interesting, the same bank owns a second duplex of the same vintage and floor plan 2 doors down.

http://www.biggerpockets.com/renewsblog/2013/03/24/deals-moving-forward/Corey Gentry you can look at it as the same as a rehab, only the intent is to exit at a lower value, but also to not have to put as much work into the property, and leave those sweat equity type items for the end buyer who gets a deal by being ok with those outdated kitchen and baths or vintage pink toilets haha.

Mix of some mom and pop is okay but too high and you run into issues.I do not look at current income as much because many small strip centers have vintage leases from 2007,2008 and the tenants are looking at leaving or getting a big reduction in rent from current levels.So if a tenant is at 18 sq ft in a strip center and a Publix supermarket was a 25 sq ft at the height of the market now the Publix is at 19 sq ft and the tenant will want the current place to reduce to 12 sq ft etc. to stay.With a less superior location the tenants have less sales and traffic so need to pay less rent to keep the same profit.

I am used to underwriting 35% as average with 30% on the low and 45% on the high depending on vintage, location, utility rates, etc.

My hobbies are rehabbing vintage motorcycles, house improvements, and playing music.  

I appreciate everyone's input.I apologize if responding to everyone in one reply is a faux pas.

Depending upon the HVAC system in the house, it will also be contaminated and need to be replaced.Depending upon the vintage of the house, the tile on that basement floor (shown in one of the photos), should be tested for Asbestus.

So this offer to go easy and delay close is...unnecessary at best, a faux "kind" gesture.The fact the offer is cash is moot if your friend needs time to find a new place and if there's mortgage to be paid off.

My biggest issue has been HVAC issues and a few plumbing issues at my office building.I have a old vintage GE stove in one of my rentals.