@Jay Hinrichs  The bad tenant texted me at 7:30 am saying my lawyer would hear from the Mormon lawyer Monday morning.

For Face value these numbers put me at over 20% cap rate in year 1.

Since 10% is the target rate of return I am hoping to expect right now (plus all of the added benefits of real estate investing of course) it is usually out of the question to go with property management for me at the scale I'm pursuing. 

Can we say there's a red flag?

Cash is king for a reason , it gives you the power to buy deals that would normally have a lot of yellow/red tape and save you thousands, then you can make repairs and pull your money back out if need be (cash out refinance)  very few people have enough cash and even fewer want to tie it up either but with the right deal it can be a game changer!

Or do you always leave meat on the bone for future buyers to add value?

In Red Bank there are duplexes galore, if you aren’t looking for commercial.

I just don't understand how two recent sales next door to me at $179 won't prop up the value of my unit higher than $143 per square foot.

Huge red flags.

Are you having thoughts about a red convertible?