You could save your self the time and effort of chasing down the tenant and trying to collect/remedy, and thereby recoup your loss and flip the burden of a suit on them. 

For a property off MLS that doesn't meet the 2% rule.There may be a problem with this deal - it was a zero effort attempt - but the general feel I get is that this is indeed possible.

In an effort to save $ (time for my contractor not setting up & moving scaffolding), he popped some siding off on 1st floor, drilled holes, blew in insulation & for 2nd story, since we were going to paint anyways, drilled holes inside & blew insulation all for $5000.  

There have been major efforts by some well funded folks to turn around Del Paso Blvd with little success.

You already have some experience and with additional effort, will quickly climb the REI ladder to its pinnacle.

Depends on how much time and effort you want to put into it.  

I'm genuinely curios why most are referring to the 2% rule being met but I personally still wouldn't be content with the cash flow, which I understand  mat vary market to marketIsn't the 2% rule just a guide and not necessarily a valuation?  

It is arduous effort to get the deals but if you do you can have a quick realization of profit returns as long as your holding periods are less than a couple months.

I can appreciate the efforts for improvements.

@John Lopes, seems to me, you're just peeved about missing out on a real "deal".But, what's that you say: Your offer was genuine market value?