I will know more on the condition of the units and the building next week, but on the surface this seems like a logical deal.

There are simply too many details that haven't even been brought to the surface.  

I have used it before, mike, and in a perfect world a cheap roll on product would do the trick, but all my moisture puzzles in the real world are so much more complicated. could be so many things, like where is it coming from... mere warm moist air condensing on cold places, a leak, slope or gutter problem outside, or an more costly drainage issue that means excavation around the house (for example., have you seen Holmes on Homes when they tackle tricky basement moisture the "right way" ).... so I would study it more (alot) and even think about experienced or expert opinions to find a source and craft the best solution.... wish I could say it is a 30 dollar and done deal....

That said only offering list price seems extreme.It's hard to completely condemn the Realtors behavior without a little bit more info on the market, list price etc.on the surface though Realtor doesn't seem like they are doing well by their client.

On the surface it looks like the numbers might hold, but have you dug in and run the numbers?  

That's because most REALTORS aren't very creative nor do they understand how to price their services.Some thoughts off the top of my head:Roof pitch and condition, gutters and downspouts, drainage around the buildingLandscaping condition, maintenance requirements and potential costsParking arrangements, number of available spaces, condition, future maintenance requirementsSiding, windows, doorsSecurity for exterior and interior doorsCondition of shared common areas, quality of lighting, width of hallways or stairwells for ease of moving, cleaning and maintenance requirementsLaundry room, condition of appliances, lighting, security (consider women or children alone in this area), smoke or fire detectionOne problem I always run into: lighting in stairwells.

The term "brokering contracts" has surfaced on here and I know the landscape for LO is evolving.

If it appraised for $350k, you could do the primary 80/10/10 and net ~$55k cash out to bring the underwater one CLOSE to swimming at the surface.

Surface read: if you're getting plenty of walkers, but no offers, I would guess the pictures aren't the problem (unless for some reason the pictures make it look better than it is - but I can't see that being the case if this is a properly done, recently completed flip.)How fast are offers typically coming in for your market?

Rent control on a surface level seems helpful and simple enough but really it  contributes to housing shortages, bubbles, and all sorts of political greed.