I think this could be easily improved through some standardization and required consistency.

Have a look in the neighbourhood and see what the prevailing rent rate is ... here it works out to ~400 - 425/rm w/o utilities and ~450 - 500 with utilities.Be certain to run your analysis with low revenue and high expense assumptions to see if the property will carry easily and well.

Here is more information about what this will include:http://www.biggerpockets.com/renewsblog/2010/03/17...Let's say you determine your fixed costs to be $20K, then your profit would be:Profit = ARV - Purchase - Rehab - FixedProfit = $154K - $98K - $26K - $20KProfit = $10KIf you've like to define your own profit target, rearrange the formula and then you can let your other numbers determine your maximum purchase price. 

HI John,I would set a goal, then start working backwards, but make sure that the steps to the main goal are small and easily achievable, which results in momentum and eventually you will accomplish your goal.

Lately it seems I get a call for small issues they can easily handle and I run over to fix it.

We can easily change this strategy if needed. 

For the cabinet drawer, why is it sticking or not opening easily?

Further, because of the neighborhood, this is a "Class A" property and I could easily get a very responsible tenant, which would further decrease the likelihood of unexpected expenses.Eventually, we will utilize our current residence as a rental property and it would be nice to own the entire structure (2 town homes).I apologize for the long post and I appreciate any input that anybody has related to this potential "deal."

A judge could easily side with the estate.  

Selling the property subject to the existing mortgage and defaulted agreement isn't a typical sale and not something you could easily list with an agent.