I would do a quick study of rentals around the area to see how the interiors and exteriors have been designed.

:Are you giving enough weight to population, population trends and income levels/trends in those areas you are studying supply in?

I agree that the rents don’t seem to justify the price for a SFH in Old Orchard, especially when you consider the increased cost of maintaining an older home. 

I’ve been doing my research, studying, and have saved enough to place a down payment on a property I’ve been looking at.

If you delead, and maintain the standard, you will be in the clear.Here's the law (emphasis added by me):460.100: Duty of Owner(s) of Residential Premises (B) Whenever any residential premises containing dangerous levels of lead in paint, plaster or other accessible structural material undergoes a change of ownership and as a result a child younger than six years old will become or will continue to be a resident therein, the new owner shall have 90 days after becoming the owner to obtain a Letter of Full Compliance or a Letter of Interim Control, except that if a child younger than six years old who is lead poisoned resides therein, the owner shall not be eligible for interim control, unless the Director grants a waiver pursuant to 105 CMR 460.100(A)(3).

I was wondering if anybody else was studying for the real estate state exam in the Fresno Ca area.  

Anything you add or provide you are either going to have to maintain/replace or have bitter tenants on your hands when it breaks.

If he has a fit (which he may), maintain your composure and explain that HE has left you no other choice.  

Especially if nothing was maintained along the way, which I doubt it was if the owner was charging her $450 a month. 

I wanted to get concrete as to what numbers I'm going to consider in my newest market, where small buy-and-hold MF are currently selling at around the 1% rule (a $200,000 duplex gets around $2000 in monthly rental income - these numbers have remained consistent over the past 18 months ever since I first studied this market).1% doesn't excite me much and I decided I'll buy starting at around 1.5% (they currently have some small duplexes approaching this number but they're small and aged) - I want a larger MF or at the very least a newer build duplex with more SQ.FT. so I'm getting good rent while minimizing expenses.