I'm most likely going to reduce a lot of the debt myself when I am supposed to deploy towards the end of the year.

It always stresses relationships and seldom makes you money.  

Backyard noise can sometimes be reduced with a fence and high covering plants.Also see if the DOT has plans to put in noise walls along the highways for the houses that are close by.

I again stress, none of this is legal advice, but shall only be used in the contemplation of the formation your business. 

Will save you tremendous stress and legwork once you're in escrow.And re-reading your post, I'd say the numbers don't make this a GREAT deal, but if it's totally renovated you'll likely have minimal costs the first two years.

I keep wanting to write a response to this but it keeps stressing me out!

Probably more like 15% per year.If you know some great rehabbers or a buy-and-hold investor adding to their portfolio, you can great reduce your risk.  

(Again I stress this is my understanding of what I read). 

It's usually telling if the seller will not hold a second that they want to cut the chord completely.The second if you wanted to reduce the payment get it interest only for maximum cash flow while you are dealing with unknowns on the property.I would want to know about the water and sewer rates per gallon.

It was listed at $50,000 and he has reduced it to $35,000.