I'd also perform a move-out walk through and use the deposit for repairs if necessary.

I do think the property alone is worth 250 if not more being that it's ocean front and in a great neighborhood within walking distance to town and the beach etc.

Just remember you have to walk before you run, nothing wrong with starting with 1 property.

Not saying that you got a bad deal just I would do a lease audit and walk every unit.Good luck and many happy returns.Nicolas Paez

I have only ever looked at a property in the "hood" one time and I didn't like the fact that I literally walked out to people casing my car.

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I have it in writing,  witnessed and do a walk through of the home with them and make sure they are clear on the terms.  

We are currently working in a house where cats had sprayed so much it was hard to walk through the front door.  

If nothing else, it gives you properties to practice doing walk-thrus and analyzing.

The seller had finally put in new low end furnaces & small HW tanks leaving the old stuff in the basement.When it dropped to $55,000 & his tenants finally left we walked in & offered $40,000 cash, close in 30 & we were told to leave ... 10 days later we were asked to raise it to $45,000 & we had a deal.