That is a very attractive cap rate. 

The only way they get paid is when they present you with the option you find most attractive and works best for you.  

Aside from the inside looking nice and the proximity to campus, because I bought it right, I can keep my prices attractive yet profitable compared to the new builds. 

Then I wouldn't have enough money for a while to do any rehabs.2) Look for a rehab property that I would finance, spending about $70K in cash for downpayment, closing, and then spend about $30K in cash for rehab and to get it ready for flipping, hopefully getting $30K profit and my $100K back.Wow, the more I think about it -- the more the buy-and-hold doesn't seem as attractive.  3.6% CoC return seems so low.  

No way to get to legal code,,,too narrow,,, too short on headroom...Aim was to make "better" and it has,,,greatly.Been wanting to do this bucket list improvement for 35 years,,,finally had the brainstorm to design and DO it!!!

Attract tenants that aren't ideal? 

Definitely try to get creative with the owner and maybe you can work out some terms which makes it more attractive for you.

When the Millennials do settle down, get married, have a couple of kids — at a later age than previous generations — we know single family with good schools looks a lot more attractive.

Creating jobs...Our economic expansion has been due to lower taxes that attracted diverse industries and created job growth.

If you can get that info, and the deal still looks attractive, AND if you can quickly learn how to attract private money, you may still be able to do the deal.