There is a lot of money, that is sitting around and earning a low interest rate, or nothing at all.  

Thanks for the thaughts, but actually It wasnt a low ball offer.  

Pros: low maintenance, low price tag, positive cashflowCons: rents capped at 700/mn, not going to bring in rock star tenants, not the most desirable areaThanks for the help!

There seems to be a lot of them and I guess I'm looking for one that is reliable, easy to work with and charges relatively low fees. 

How many units do they own (I like a low amount)?

Ie If we got the property, the price is low enough that my wife and I could personally cash flow the building until it was stable, but is that a 12 month time horizon?  

The flip is pretty minor, list of what is needed is: paint, floors, carpet, vanities in 2 bathrooms, replace counter tops with granite, appliance package, replace all ceiling fans, lights and fixtures, replace all outlets. 

, emergency lighting, handicap accessible entrance, accessible bathrooms, etc

For all we (forum readers) know it was priced artificially low to inspire above-ask bids.

The thing is, I make very low money per hour and I can't go on like this.