The property is new, located in a very good zone and in pretty good shape, the only problem I see is that the offices are huge; there are two bathrooms (70 and 80 SQFT),  245, 385, 355 and 185  SQFT offices,  150 SQFT waiting area and about 130 SQFT of halls. 1750 SQFT total.

Below is the math (all in % of house value):Rent: 12.0%Taxes: -2.8%Average Long-Term Maintenance & Repairs: -1.7%House Insurance & HOA: -1.6%Average Vacancy/FinderFees/Tenant Issues: -1.0%Property Management: -0.8%Total Average Annual Return: 4.1%I have heard landlords making 10% (no leverage) and 20-30% (with leverage). 

So "running the numbers" for me looks like this:123 Main Street is a Triplex that pulls in $5,000 per month in total income.

Exactly, the county site likely shows the exemption amount, just calculate it out.....Assuming the total Value stays the same.

I will do that first thing in the morning and I totally forgot about the forms on here.

This may be your best bet.

B-class properties are the safest place to be for cash flow without totally sacrificing appreciation potential and owner-occupant re-sale options.Lastly, if this $140k accounts for all his disposable assets, I would encourage him to not spend his last penny.

Sometimes they might charge for helping you -- most folks here on BP would council you to avoid those people, but don't totally discount them either. 

We will totally rehab the interior of the lower level too and then stucco everything to make it look attractive. 

Interior is being done in the gray palette as that's what hot here.Property isn't a total toad. 2 acres, 3 car garage with workshop and a full MIL apartment, which you can see on the far left of the photo.