The property is paid off so you have options.Based on what you’ve shared, you carrying the note sounds like a viable option.Have you considered seller financing?

And sounds like a good set of options you are looking at.Here's some data and visualization on recent trends in some of the markets mentioned here.

If the work needs updates, that’s where it can add up, but $30K sounds like a reasonable cushion based on what you’re describing.It sounds like a solid deal, especially if the cash flow is good.

Sounds like you've got a great mastermind!

(I am a silent investor, the developer is doing all the heavy lifting, and we split profits at the end)It sounds like you’re being really strategic here, which is smart.

@Mike Terry sounds like a pretty good argument to go after the property, I think your question is more along how to value it, and account for the deferred maintenance. 

Quote from @Cari Sweet:  This sounds like a case for Fair Housing- Familial Status discrimination. 

Low or no down, seller financing and low or no interest with a balloon payment later is the holy grail (location, building condition, market also matter but it sounds like you have all that).

A well rounded coaching program for members at all stages of RE investing would be a great way for BP to go deeper.

Either way it sounds like you have your information.