If you have a building where rents have not been raised in 20 years, it is not just valued based on current CAP rate, but potential CAP rate plays into the numbers.

So yeah I have had no luck except playing the banks waiting game.

I’m a new investor that has been playing with the BP calculator and found this deal!

Also in the submarkets I play in, stuff sells at a given price per pound.  

If the competition is not booked then probably amenities plays a part all else being equal.

Maybe play it safe and hire a broker that can serve as a dual agent for you both - it will insulate you from potential liability while also facilitating a quick and easy sale. 

I see that strategy played out in other parts of the city too.

Could also be a homestead exemption in play.  

BTW, Erik, I like your idea of covering the possibility of unwanted guests, and I intend to implement it.

You are pulling the cash out, so you can go do another deal.I am just looking at this thinking a $130K property that rents close to 1% that you say will keep appreciating, seems like a good long term play.