I do stress that they can count on me to close the deal and often provide proof of funds.

This is not a good deal, but I do think one could improve the NOI by reducing the electrical utility expense and make the tenants pay for that. 

If it does, I would be concerned about vacancy, since finding renters willing/able to pay the required market rate to maintain cash flow will be tough, and your pool of potential renters will be greatly reduced.4% - 5% is a safe rate, assuming you can meet the down payment requirements.I am interested to know what your exit strategy is.  

Depending on how-much/if the seller is willing to reduce the price; it may turn out to be a good deal.So again, my question is: What has your experience been with older listings?

Maybe in 5 or 10 years, I'll be financially independent and then I can work part-time and with less stress.  

I am quite confident he knows his commission will be reduced.

The new wrinkle to the story - my ex-tenant was recently disciplined and reduced in rate by his command, meaning he will be out of the Navy in 8 months due to High Year Tenure.

Their property manager is recommending that they do a cash-out refinance to (a) increase their income and (b) reduce their equity in the property to reduce exposure in case of a natural disaster, etc.  

BUT, if you've never done this before, it could be less stressful being right at the property all the time.

Did the comps reduce over the rehab time, causing the 170k sale price?