Such poor workmanship and lack of pride in one's work.

@Christian LeonYou bet!

That would be a very poor investment. 

That’s the best bet.

That’s the best bet.

For my current opps I underwrite over 4K for just maintenance including turnover and deferred capex but that's how I estimate from fundamentals with 1.5 year avg turnover and I have learned never to take % of rent (you said quick math, so not holding you to it).Let me try this math:Let's do 3.5K * 12 = 42K ONLY maintenance and deferred capexInsurance = 10KProperty tax = 15K (hey it's TX)Rent = 725 * 12 *12 = 104.4KVacancy and overdue = 10%Pm + leasing + renewal = 9%Additional income = 6Kso Income before mortgage but after tax, insurance, vacancy, pm, maintenance and deferred capex = 24.5KLTV = 70%Loan amt = 840K * 1.01 (1 point origination)Interest = 4.5% (I don't think you can get 3.5% agency for 840K)Amortization = 30 yearsMonthly pmt = 4300First year Cf after mortgage = -19.34KTrue, he could have done enough work such that he can defer capex for a few years, and he can sell before he has to pay those capex, and maybe someone will price it poorly and not include that in their underwriting, and he can get away with it.

How about for a seller with poor credit?

That’s the best bet.

In other words, there is no way to judge what an max offer would be, but I bet it wouldn't be any higher than the mid $300k's.

I don’tknow what generation you belong to but I’m going to bet it’s the entitled under generation.