However, until I have a property inspected and know the current condition and life expectancy of all major components and appliances I will not lower it.  

Roughly speaking, my mortgage payment would deflate (reducing my "rent payment") or if I rented it out the rent increases would inflate, keeping the previous numbers "real."4)  Social Security @ age 62, $1,760.The above scenario does not include my taxable account of  ~ 110K, which is about 15% stocks, 10% bonds, rest high yield savings cash.  

Higher profit is fine but you may be dealing with interest rate change, market condition deterioration.

You need to figure out what the ARV or Fair Market Value of the property should be if you were to Rehab it to like new condition.  

This property was kept in good condition, and the price reflected that, but we were able to negotiate the purchase price down to 124k.

The agreement should say they have to leave the property in good condition.

ASSIGNEE accepts all terms and conditions of the contract for Sale and Purchase between BUYER and SELLER in its entirety.3.ASSIGNEE acknowledges receipt of legible copies of the original Contract for Sale and Purchase in its entirety including all Addendum(s) associated with this transaction.4.

But if you want personal involvement and running around, it's going to take more than the eventual promise of a commission on a lowball offer under current market conditions.

As with most places here in Spain one can find many properties still in their original condition that could prove to be potential opportunities. 

Once you determine the current condition and life expectancy of all major components and appliances you can adjust the CapEx reserves requirement.What are you including in the $200 Misc?