Their were 218 total units,  I think 18 of them were owner occuppied, the rest investors.

The cap ex and vacancy rates are 5%, and 6% for repairs, which totals $176.The realtor informed me that this has been rented by grad students for $1100-$1300/month plus utilities.

Id bet any buildings with 5 or more units where the property owner  is a person.. not a n llc... 

It is very inexpensive (I think $80-120 depending on size) and the quality of the pictures is on a totally different level compared to an agents cell phone pictures.

Why in this environment is someone going to sell a property at a huge discount when they can put a total piece of junk up on the MLS and still get a billion offers.

Total Gross Monthly rent between the two rentals is 4550. 

It's totally inappropriate for somebody to act that aggressively.He still has the keys.

In order for it to be a good buy you want total rent for both to cover the mortgage PLUS vacancy (8%), CapX (10%), repairs (5%), and management fees (10%) (all percentages are just general, you can tweak as needed). 

Complete title report is the best bet or like Chris mentioned have the foreclosure lawyer share that info with you which so far I have no luck with in Nj.

My cousin is a midlevel manager for one of the larger institutional players and consults large big companies - he lost a beer to me in a bet as he did not believe it could be done!