They make the all to common mistake of looking at a large return, making the bet, then rationalizing the decision. 

A third of the building has what I would call a unified office of about 3,500 sq. feet with several rooms and a rational layout; this was leased out at $900 per month when I took possession of the building and they stayed for a couple of years.

If you want good advice you have to give good information to build a rational for the advice.

I’m looking for confirmation that I’m not crazy and this is a rational deal (sure it’s not amazing, but decent).So, am I crazy?

@Joe Splitrock - financial definition of CAP rate and NOI is sort of well understood. it's just brokers have been dressing these numbers for so long, that not including management fees or vacancy has become an urban legend - i rationalize it this way - if we were talking about 500 unit complex rather than 6 unit, management fee will be a line item on the expense report and if it's not, ppl would just laugh. similarly, if owner is out of state, management will be a line item in the expenses - no way someone can self-manage a property out of state.

Many people successfully invest in properties that fall under the 1% rent to price ration by buying value add deals and forcing equity.

Some money has to come from somewhere.I can show many ways to "rationalize" No Money Down into meaning, the cost of the money being used is free...but there has to be some form of money used...from somewhere, and/or somebody...just not me.

Stop rationalizing a bad deal .

Very unstable, too many red flags to bother screening based on my standards.My concern is you are too highly motivated/desperate based on filling the unit immediately to be making rational decisions.

@Kuron McGraw as for why an owner would keep a vacant property, you're gonna wind up getting into a long discussion about human psychology, how bad we are at making rational and mathematical decisions, and our tendency towards hoarding.