Then confirm any deferred maintenance or necessary CapEx.

I don't know the KC area, but here in Florida we've got so much moisture and termites these old houses can look fantastic sometimes, but behind the sheet rock are rotted away, and there will be plenty of deferred maintenance. 

It suffers from 75 years of bad landlording and deferred maintenance.  

If they are claiming low 20's for expenses then typically they cut corners somewhere instead of properly maintaining the asset and major deferred maintenance exists.

Then retire when you have doubled your w2 earned income (after taxes of course) with passive tax deferred cash flow.Then retire.  

She could defer the payment of her taxable gain by structuring a 1031 Exchange by acquiring other replacement properties.  

@Qi Ming Chen -  A 1031 Exchange is not the only tool for deferring capital gains.

When the management company I first hired introduced me to the asset manager they were going to use, I was not impressed but I deferred to them.  

If a bank won't finance it, then yes you should expect a big discount, especially if it has deferred maintenance AND a bank won't finance it because it is 4 unzoned units on a lot.If this is the case, then get owner financing on it, and try to set it up so that the owner financed mortgage is assumable.

My issue is with figuring in approx 150K of deferred maintenance.