Where are based out of?

You could have a case based on misrepresentation if the seller, acting as an agent, falsely claimed the roof leak was fixed.

The good news is the bigger the loan, the more more open the banks to lend you a non recourse loan, that means you dont need a guarantor in the US, they will underwrite based only on the property cashflow.

Best guess of his reason for selling is that he bought it low and during covid, stuffed every unit and room with a tenant on a month to month basis and now wants to sell at the max price based on the comps of the area.

Honestly I don't see the market lowering home prices anytime soon or rates dropping any time soon. 

Regardless, you will likely be adjusting the expense base to reflect the tax reassessment (which you can obtain from the local county), insurance (from your insurance broker quote), property management fee, and usual repair/maintenance expenses/admin/advertising/contract services/utilities.

The median time to secure a contract saw a 23.9% decrease dropping to 35 days..Oh, the excitement!

-Taking 10% reserve for vacancy, PM, and Capex-5% for repairs -All other numbers are standard values based on my area.

At 5.75%, I don't know that there a ton of room for improvement in the case of a future refinance, either, so I wouldn't expect the payment to drop by a large amount. 

For example, you might see large drops in car insurance when you go from $250 to $1,000, and then the effect on the premium isn't as significant as you go higher.