Those type of connects and networking could fuel you into another level in real estate.

Wow, looks like you are growing fast Morgan, I'm definitely not at your level!

Even factoring in HOA and property taxes, you got some pretty good cash flow and lots of potential for appreciation because the condos in the lower end price ranges become great entry level homes for first time home buyers.Likewise, if you look at duplexes, triplexes and four-plexes, it's gonna be hard to find deals under $100k a door.  

I would run some comps against that asking price, ask seller how much equity is in property, and try my best to determine motivation level before worrying about seeing property.

You'll find that there is a high level of competition for properties in this price range and I am reasonably sure that this one will sell for significantly more than 83k.

It is not the greatest time of year to find tenants, either, as most stable people move in late spring through the summer. 

I think this will also push me a bit more towards fixed rate debt (as @Brent Coombs suggested), although it's just hard to make that trade-off well given the levels, a 7/1 ARM saves a couple hundred bucks a month vs 30 fixed, which would go a long way to either paying down the principle or compounding that cash flow into additional properties...Thanks folks

If your greatest concern is a potential downturn, you've already performed the wisest hedge - buying properties in high-demand locations.  ...and if/when things go south, you have a few levers besides price to keep your properties performing:Providing quality finishes to set you units apart (which you may be doing already, based on your remodel comment).  

Now it is probably back up to the 2005 value and more but if landlord's recession level rents couldn't keep up with costs you could be in trouble.

But it's a MF commercial property right now and that's the only way a bank is going to look at it, and on that level it's probably worth about $250K less than he's asking.