Area rents for $1200-$1600 (and rising) depending on finishes/condition. 

If you buy it all cash, you only made $4k on a $100k investment.Another thing to consider is your tenant will pay the loan down, and with a long term fixed loan, you are inflation hedging.

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Maybe a special allocation via a waterfall allocation schedule if this rises to the level of a partnership. 

Or is it something more permanent like a huge factory or company has pulled out of the area and unemployment is rising, etc?

The market is tough out here with property values rising quickly. 320k is about 20 under asking. 

@Joon Kim we've seen a significant rise in the amount of deals that are being acquired by several GP syndicators or sponsors and its always a little tough to determine who the actual operator of the property is going to be.

I don't foresee the property appreciating by another 2x in a reasonable timeframe.The original tenants are still in place and I've only been raising rents by cost of living/inflation so the rents are about 80% of market value as-is, 50% of current market value if renovated. 

Like a lot of people, Rich Dad Poor Dad showed me I didn't have stay in the rat race.What product can you sell that everyone needs, doesn't ever go out of style, banks will like to loan you money on, the government allows depreciation write offs against your income, the buyer pays off your loan, the asset appreciates in value, rents go up as a hedge against inflation and it's a hard asset that should not go down to zero value. 

From what I keep hearing, bad wholesalers inflate the ARV (after repair value), underestimate repair costs, and leave no room for the rehabber to make a profit.