If he is behind 3 months, I'm sure there is some vacancy and disrepair but it looks to be a nice deal although it seems to have really cheap rents which depending on the area and condition, with some updating you should be able to increase the rents. 

Depending on the condition of the property it may not qualify for standard financing.

I'll buy anything, anywhere, any condition in the 9 counties around Indy, please add me to your buyers list.- it's always good to see another Hoosier utilizing this great site!

Also times they be changing and there may not be deals like there were at the bottom of the trough which was one of the best buying opportunities to hit the US since the last great depression.. so their goals may not be realistic. so define there investing goals make sure they are realisticmake sure they can performbe realistic as to market conditions

Almost as if he forgot what our contract was and the conditions upon it.

For example - Consider two homes the same size and in very similar condition, one with a one car garage, and the other with no garage. 

I had a few properties with similar conditions.

Feb 12 served a letter of default.He owes 213k   recent sales comps are 190 - 200k (i have not seen the house and he has not been there for a few months now, so condition is unkown).Mortgage payment is 1800. rent was 1800.

If you look thru the site you'll find the terms and conditions.  

Sharing here for your convenience:The formula posted above by Account Closed is widely used for determining your max offer: 65% (or 70% as shown on the example below) of ARV, minus repair costs, minus your assignment fee = your max offer.The After Repair Value (ARV) is the estimated full retail price of the property after it is repaired and in "tip top" condition and ready for sale, and you would need to plug that number into the formula above.For example, if you determine a property would retail for $100k, you could use that as your ARV.