I had a previous tenant who lived in the property for 3 years and never had any problems with the electric, but I don't know if the old fuse boxes pose any sort of safety problem.

Combine that with safety issues and the likely deferred maintenance, you can be in for a real tough/expensive lesson!

Without experience, would it be wise to make the offer contingent on a appraisers report, to ensure a little safety?

And of course take care of any life and safety defects immediately.

The strategy considerations should include your idea of risk vs. reward, cash flow, safety, and most importantly, future concerns such as holding terms, economic considerations, and your portfolio desires.

Good luck.PS - I'm a guy that's huge on safety.

This is where I AM patient: seller-turned-note holder (or heirs) must now negotiate with me and deal with a formidable discount to sell the note.

I'll be patiently waiting for the rental calculator!

Any ideas to find a property other than search MLS, looking for rentals on CL, & be patient?

The tenants have been very patient and helpful with everything.Any advice is greatly appreciated!