These units are new with 1 year builder's warranty

The guy that I would be buying it from is a builder, and he and his wife put $4,000 into it to fix it up (or so they say), and they were planning on selling it.

Yes, the roof leaked several years and required new ceilings inside.Today, with mold issues, it may be much more of a problem.One subsequent owner of my childhood home installed an inclined roof (among other changes).In addition to talking with an insurance agent, talk with a builder & roofer about replacing the flat roof.

Then I called everyone and asked if they were still buying.2) Called almost everyone on my local Builders association.

I do very well as I have two niche markets as a green builder and a high end remodeling specialist.

My answer to the question in the body of your post is "Yes, I agree that sounds too good to be true".Not sure how these two answers are related, but I'll help out if I can...

I am figuring about $100K to rehab the place and bring it up to the executive home standard of the neighborhood (granite, hardwoods, non-builder grade stuff).So given my experience and the numbers on this deal would you take it or walk away?

OTOH if there are screaming deals where builders are losing their shirt to unload a similiar property then absolutely not.

Enjoy life when you're young, because when you're older and have all the money and wealth, you'll look back and say I wish I did this or that when my body and life allowed me to do certain things.

Think universitys, downtowns, historic districts, water bodies, etc.