Some of these properties are older and low priced. 

There is a lot of money, that is sitting around and earning a low interest rate, or nothing at all.  

Thanks for the thaughts, but actually It wasnt a low ball offer.  

Pros: low maintenance, low price tag, positive cashflowCons: rents capped at 700/mn, not going to bring in rock star tenants, not the most desirable areaThanks for the help!

There seems to be a lot of them and I guess I'm looking for one that is reliable, easy to work with and charges relatively low fees. 

How many units do they own (I like a low amount)?

Ie If we got the property, the price is low enough that my wife and I could personally cash flow the building until it was stable, but is that a 12 month time horizon?  

This should have been addressed within a few days of putting it under contract, at which time you could have asked for a price reduction, repair, or get out of the contract if no suitable resolution could be reached between the seller and you. 

For all we (forum readers) know it was priced artificially low to inspire above-ask bids.

The thing is, I make very low money per hour and I can't go on like this.