We do not want to break any fair housing laws by passing a family up to sign with college students.

LOLUsually I just press upon the fact that, hey seller this is my final and fair offer.

My name is Chris McCall and I am a fairly new buy and hold investor concentrating on multifamily properties.  

Millenials are fairly reluctant to buy as this time and prefer to rent to the tune of almost 70%. 

Does this happen from time to time that a valve goes bad and the pipes and valve need to be replaced, or is this fairly rare?

This seems to be fairly standard by property managers when they are giving up on your property; stuff the landlord with some ridiculous quite and hope they go away.Find out what the problems are and start getting real quotes.Carpet, you were onto a loser in the first place, but don't underestimate how good a professional carpet cleaning company can be.

I'm also a fairly recent grad (graduated in 2012 from JMU). 

Also I am currently in school for real estate and it's fairly cheap to take.

It sounds like you recognized the red flags fairly early on, yet you decided to proceed with things until the red flags become too numerous.

There are a fair number of investors in Hudson County (NJ) here on BP.