With all this factored in, it is a great return for me 25%+.

Macroeconomic factors could impact Ypsi, especially since it is (I assume) heavily dependent on auto manufacturing. 

The existing mortgage will probably save me over $30k in comparison with my new terms factoring in the remaining maturity with the existing financing and the rate I would pay with a similar maturity.3.

In my opinion there are too many factors involved in an association that could disqualify the property as a deal and many of those things are not feasible to acquire in a couple of hours or perhaps even days.

Of course if they can land an A site for cheap rent they are all on it but is very rare for that to happen.If developer has a well marketed and well located site with high quality design and exterior build they will have MANY tenants vying for those spaces.

Looking at the deal, I have two main initial concern/opportunities I don't have much experience and I'd appreciate any input/advice:seller broker marketed implementing Water RUBS as one of the upside (actually factored into NOI proforma in which asking price is based on).

We have a practice of "one lease, one payment" and ask our tenants to designate one representative to send us a single security deposit and single rent payment each month.  

There is no excuse for such a high vacancy factor of 33%.

As I would love to design a home some point in my life. 

I'd also highly recommend building a spreadsheet to help calculate and factor in ALL costs of the project such as closing/double closing costs, holding costs, rehab costs, staging costs, and resale costs.