You can refi for a lower payment easier if you have a boatload of equity.

If we just accept a lower price on the property as a whole, I am worried that we will just be kicking the can down the road and not fixing very necessary repairs to the building that will bring down the property value of all of the units.

My broker has a few investment properties and I do not act as a "single agent" and only operate in a "transactional agent."

Here are the details: - 4 bedroom, 2 bath about 1700 sqft, built in 1883- Neighborhood: C I think, close-in 45503 if your familiar with the area- Duplex upper unit and a lower unit, each 2br 1ba - Current rent 300 upper and 400 lower (which is up from 200 and 250 in 2014), neighboring duplex gets 600 for a 3 bedroom but it's nicer- Expenses (prop management, lawn, bills, taxes... ) in 2016 so far $2200 and in 2015 $3200- Profit from 2015 was about $500 (had the upper vacant for most of the year), profit this year should be about $1,600- Appraiser $50,000 Zillow $58,000 Trulia $37,000 Estate $16,000- Bought in the 80's for $15,000Thoughts?

But, assuming I go thru with a refi, would I be better off at a higher monthly cashflow and extending the loan another 30 years... or would it be best to go with a 15 year to take advantage of a lower rate and paying off the rental earlier?  

I'm thinking worst case scenario, I don't rent it out to anyone, my holding costs go down to around $1200-$1300 if I don't save for any repairs/cap ex and utilties much lower, and then each tenant I put in would just make it much cheaper for me to live for free! 

If you really want an attempt at this property just put in an blind offer at what you think it's worth (or even lower so you got some room to negotiate).

I recently found someone who knows of a resort property where he can get it for significantly lower than it is worth,.

Other questions we have concern things such as finding a good group of contractors to work with, and how to best protect all parties in our transactions, most certainly protecting our family as the top concern.

As a buyer I love when the appraisal comes in lower than value as it provides me better opportunity to lower negotiated price or to obtain concessions for items found during the home inspection and I employ the best home inspector.