Maybe some out lying areas have some opportunities, and we might be IMO the big move has happened over the last 36-48 months, I don't know how someone from out of state would be successful at this point in time.Don't get me wrong, I think there are always deals to be found, I just think the deals are fewer and farther between. 

We can have them sign is a buyers agreement but very few agents use this agreement and even fewer buyers want to sign this agreement.   

Its in a weird area in Tacoma that used to be pretty dangerous but has gotten much better the last 20 years.

This article demonstrates that the rate at which homes are being foreclosed on is steadily decreasing ever since the recession hit its peak and fewer families are having to face this type of housing crisis.Key Takeaways: Foreclosure starts have increased for the second consecutive month, though are still below prior year numbers New Jersey and Illinois each have multiple metro areas with the highest foreclosure rates Several metro areas still have foreclosure rates above pre-recession levels."

Invalid assumption...these properties will not have similar returns.Many investors would rather have fewer properties and more units for direct investing and more properties (which means fewer ownership units per property) for passive investing, but this is unrelated to your question.

There may be fewer "steals" out there but the rates and tenant pool are very strong right now!

Future buyers will wonder if there could be an issue, so will inspectors or appraisers, I've seen buyers walk away with fewer concerns, several little things hit your market value.Water management is serious stuff, left to fester you'll have a home destroyed by water pretty quickly.

If that seller is truly motivated they should understand how much it would cost to repair it.If it were me, I'd:Quantify repair costsMake a SOW document that you can print and give to them (if they request it)Figure out what their monthly property taxes areAsk how how long its been vacant & how much they oweThat gives you enough information to be dangerous, I think. 

Brand new properties will have very low CapEx requirements as low as 2% of rent for the first few years.The fewer doors you have on a property, the more volatile the CapEx requirement.

I have seen rents creeping up in the last couple of years in that area, and fewer abandoned properties.