The 2nd "lowball" offer will put things into perspective for the seller...or he or she will get pissed and reject both.

The questions above are coming from a perspective of individuals who are not investors yet are on that path.

@James FreeJames I have a different perspective on this. 

FSBO deals very, very rarely work out from a numbers perspective. 

@Donald TorrenceI am a true private lender so I'm going to share with you my perspective, however in no way do I represent all private lenders.  

Hopefully this reply at least has a little perspective on what to think through.   

Yeah you might have done better from a pure ROI perspective but you've accomplished some goals you had and learned a lot.And that's not a terrible rent:price ratio for PB.    

@David Goossens perspectives are on the mark too.  

From a time perspective they have 20 years to go until they could retire, I retired the day I started doing a job, that most would wait until after retirement to do.To me real estate has proven to be the ultimate form of job security, I cannot be downsized, I dont have to hang around 10 years to get a raise, I am not a pawn on the board of someone elses pocket book.

Jon,From my perspective, most of these apartment complexes are owned by people who made their money elsewhere and are fooled into buying these apartment buildings by realtors, investment advisors, and others who don't understand the business.