Thanks @Alexander Ball, that's kind of what I thought.

Many people run the water and it's a waste as is the temperature control for the AC/Heat.

ADDITIONALLY to this (this is the bonus ball) the developer has guaranteed 5 years rental income, weather they find tenants or not, i still get my $650/month rent cheque (-8% for management fees).

The owner is getting an offer today which in his words "thinks its going to be a low-ball offer" .

Assuming all the numbers above, I would think you should be in the ball park of mid $80's - $90 max.

I have done very well with "as-is" purchases (some cash, some financed) where the "worse case scenario" didn't happen:-)  I am a huge fan of investing my time to build relationships, so to throw you a slight curve ball, that is one of my favorite "investments.."

Put in a low ball offer, it was sent back, made another, it was accepted.  

Since it's a bank I'm negotiating with I don't feel bad low balling.

I've moved into the commercial side of temperature controls over the last few years, but when I was a residential guy I actually really liked Goodman.

We were bidding back and forth for a few exchanges, and they were playing ball even with our relatively low offers.