Looks good to me if you have accurate numbers and are comfortable with the building, the location and have a good grasp on the Property Mgmt piece.

As a new investor myself, the best piece of advice I can give right now is to find the specific niche you want to work (buy & hold, flipping, wholesaling; residential or commercial, etc.)

So they took back all four pieces.

He said, he was researching the deed and saw there was another piece of land that was attached to that property.

You can study up on all the different opportunities in real estate, but until you get out there & assume your position & claim your piece of the pie, it's just knowledge, right?

Beauty is in the eye of the beholder, but claiming a master piece is created from a paint by numbers set isn't going to hold much value.  

My one piece of advice, doubling back on Rick Harmon's comments,  is that you need to talk to the person with the authority to sell about price.  

It is also my policy to list the property with the agent that brought me the deal if I don't keep it as a rental.Now when they ran into a piece of crap they didn't want to list as it was and the owner didn't intend to make it marketable they called me instead of tossing that lead into the round file.

Peel off the outside corner trim piece, then get a screwdriver and a hammer and get behind the panel.  

Those are all good pieces of advice to use while trying to make this thing work!