Well, if they "purchased" the house, with no gift tax filing for any "difference in a higher Actual value" then their basis likely is what they paid for it, and an appraisal is irrelevant.....an appraisal would Only come into play if they inherited it.   

Gift income?

Maintenance and repair on this property will be significantly less than others with more intricate roofs and 2-3 times the number of windows.Getting back to your initial inquiry, it's key to know your numbers. 

Rose,Yesterday, I bought $165 worth of clothes and gifts at my son's volleyball tournament in Columbus, Ohio, and drove back to Washington, DC, only to realize I left everything in Columbus for some stranger to inherit.  

Received it as a gift around years 1999- 2000 one of the things that stayed with me through all these years build a team of experts Realtor, Banker, Accountant, Lawyer, Landscaper, etc., and always Mind Your Own Business.

Are they thinking of selling, reinvesting, gifting...? 

Or she could look into getting a FHA loan and you could “gift” her the down payment. 

You may have been able to buy it for a $75 applebee's gift card & an Ipad

He had just gotten a large cash gift from a family member which he had deposited into his bank account (against his realtor's advice) and would not be able to requalify for the mortgage if his offer expired.

Account Closed I also initially thought why not have the GF purchase the second property instead of the primary but I am guessing the reason that is not possible is because she does not have the funds to purchase the second property and you are only allowed to gift a certain amount of money per year tax free (I think $15k?).