The association holds the quitclaim deed so I believe my monthly rent is going to the owed maintenance fees.

Crime rates are very low, but the properties in the immediate vicinity are blighted.

Cash buyers generally push prices down as low as possible with the promise of closing quickly.

Also, even if the previous owner only owed 60k, you have to take into consideration the cost of foreclosing and the lost income if they hadn't been paying for months or years, not to mention any other costs of satisfying tax liens or maintenance issues that need to be resolved before sale.So, speaking as someone who has bought only 3 foreclosed properties:  You make an offer that works for you, and depending on how anxious they are to sell it, and how much interest they've had, they will accept or reject.  

When you're buying an renting a home you can run into difficulties with tenant management and maintenance, which can be extremely frustrating.

Because literally everything was brand new, we've never had a single maintenance call from our tenants, and paid zero dollars in Capital Expenses.

Have you checked out the BP book on investing with no and low money down?

Asking price: $245,000 - reasonable for the areaEstimated Monthly Rent under current leases: $2500.00 - on the low side of the range for the area but the tenant base is long term and stableAnnual Taxes: $5000Annual Insurance - Unknown/information requestedUtilities - Unknown/information requestedBuilding Owner pays for alarm monitoring,electric and water bills - have asked for monthly cost averages but do not have yet.Individual tenants pay their own internet and phoneDescription: 2400 sqft, brick building with a 10 space parking lot, good location Known upcoming repair is HVAC for the downstairs (est $5k), upstairs HVAC has already been replaced.Thank you for your time as well as your opinion on this deal, recommendations for additional questions, additional information etc. 

(Make sure you are including your closing costs on purchase and sale to compute.)  5% vacancy is probably unrealistically low unless there are long-term tenants (which often means the rents are below-market).

I work a full time engineering job while I try to do all my own repairs/maintenance.