That said, $200 without accounting for cap ex, vacancy, and I assume maintenance sounds to me like a next zero cash flow basically.If a 1.5% increase in rates brings you down to $0 cashflow, that sounds like a skinny deal to begin with.

When you find a distressed landlord who is sick of tenants and real estate,  control that property with a simple skinny contract of sale with the right to assign.

agreed - too skinny, I wouldn't bite on that deal either

Get in contact with another owner who uses them and get the skinny on them.

Based on the description it sounded like a $30K+ rehab, so, I would say it is a very skinny flip. 

What if you are skinny and weak and get scared riding an escalator.

It starts getting skinny.  

I still write a couple a year as the Optionor, but wouldn't waste my time marketing to potential Optionees solely (skinny niche like Jay mentions) or my money learning simple concepts.  

I thank God I’m in a position to buy more RE (1-2 more) by the end of the year but every deal that I run numbers on seems too damn skinny.

Talk to an attorney and/or CPA to get the skinny and see which is best for your situation.