Evaluate these properties and make offers according to your numbers, not based on list price.

There might be  a creative and ethical way to approach the situation, perhaps there might be e value add that you could do for the property and let your tenant help with the choice of what they would like i.e. a new fridge or new paint (let them pick colors) and let them know that you will be increasing the rent. it might backfire if they tell you they would rather not change anything but if they do then you can raise rents cover the cost of a minor renovation in a couple months and proceed forward from that point with a higher rent and happy tenants and you will have the added benefit if you do something that with increase your property value like new flooring for a small room.

I've been studying my local market here in Tallahassee and using techniques I learned through Bigger Pockets to evaluate rental properties and cash flow.

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Specifically for ticket systems that allow tenants to log requests for repairs/upgrades and then a maintenance worker can log in to approve/deny and contact the client/tenant? 

As far as the documentation goes, are the items you mentioned something you would need a lawyer to evaluate?

This was a bit of a weird deal, but I wonder if y'all could re-evaluate your comments if I had only put $25,000 down (+the $6k in closing costs). 

If its the former you can continue evaluating.  

I use cash-on-cash to evaluate properties to purchase. 

Its helpful for a quick analysis to see if a deal is worth it, but nothing compares to a real operating statement when it comes to evaluating a property.