The one thing your middle management folks told you that is accurate is that float downs aren't a common occurrence, and that comping rate lock extensions is also fairly rare (again, things aren't padded). 

Ultimately though, I would make sure the expenses are accurate.

The rankings are accurate about 95% of the time and identifying locations with incorrect scores helps us fine tune the algorithm to perform better

It also gives me access to the Nashville MLS, so I am able to comp out deals more accurately.

You just need to really run your numbers accurately, and with the stated rents hundreds below your projection, it is clear that you will need to chunk a significant amount of cash into the place to even pull those rental values up, and then once you do, good freakin' luck finding a comp property for an appraisal.

The problem will be that that data will be old and not totally accurate. 

stuff like that gives us a more accurate picture to respond to :) 

@Brian Caulfield to add on to what Steven said above me, the price is sold for in 2005 is in no way near accurate.

@Adrienne Vesey what you are describing would be more accurately described as sub-leasing and is pretty common.  

The only accurate way to answer this is to get  list of sold duplexes for the period you're interested in and look up owner's mailing addresses in TCAD.