So in 5 years (60 months) rents are worth $93K (assuming no increases, which is a bad assumption).

If not, you could potentially kill someone if your assumptions aren’t correct and the wall comes crashing down.Construction is serious business and I see way too many people try to do things half-assed when they have no business messing around with framing, plumbing, electrical, etc that they know nothing about.

For example, if you  see the last time the roof was replaced was 30 years ago based on public records, you can make an assumption that the property will need a new roof. 

The foundation repair company salespeople (and even owners, in some case) of structure companies are not engineers and though they may be right most of the time, there will be gaps in their assumptions.

There is an assumption that the buyer knows what they are getting into and doesn't need a lot of information.

To be frank this was all conversation I had with the assumption that wouldn’t qualify for much.

@Blake Garcia wait a minute you can start a new lease day one.I was under the assumption that you had to honor the old lease until it ran out.The only option I thought I had was cash for keys or wait until their lease expired.

Now the assumption here is that you and your partner can bring some type of value to the deal either by finding the deal or the money, both of which can be harder to do than they sound.If you're unable to do either of these things, then you'll definitely want somebody that can serve as a mentor while you start out and grow. 

Of course assumptions concerning return and risk will have to be made, but this will enable you to see the Opportunity Cost of purchasing this property.

Your assumption is way off the target.