Everything is Negotiable whether it's bank owned or not, even if it states "as is" in the advertising you should still ask for an inspection/due diligence period.

Make it a standard to keep all documents electronically.

One time I had a lady give me a nasty call because I sent an advertising letter to the trust that was technically the owner of her home.

If not you need to account for turnover costs (Cleaning, painting, minor repairs, advertising, etc.).From what you have provided it appears worth looking into the property more. 

I have an electronic version of the exact lease. 

I occupy 1 unit and advertised the other 2 for rent with a "no pet" policy.

Generally speaking, the market is up, so why would they advertise for sale at 90% of appraised value when they know a buyer is going to come in below ask anyways?

The Internet has made it easier for you to advertise your properties, so being located on Main Street is not as vital as years ago.C properties have higher cap rates than B and As because of their age, and the fact that they contain less appreciation, unless it is forced.  

Four are cash flowing as advertised.

With that said, I somehow (through dogged persistence and a very large advertising budget) do succeed in finding about five good deals per year.