It is not uncommon by the way for investors to walk away. 5 years ago is the 2007 vintage when most markets were at the peak.The investor has a high interest investor loan and a high sales price.Probably was just breaking even hoping for the market to turn.Now that the tenant left a bunch of damage the investor is jumping ship and not pouring anymore money into a bad investment.At the owners age enjoying the last years of their quality of life is more important than an overvalued debt to a bank.

The bad news is there is a ton of things with the vintage that can get very expensive to fix and take away your cash flow for years.

But these are the same vintage houses that get similar rents as East Central.  

Not any MF apartments, but selective growth markets with solid relative value add opportunities to makeover of vintage 1980s properties, bring in more efficient property management team, essentially re-positioning the asset to make it more attractive to existing and prospective renters.  

Nightlife and Culture: Between the vintage shops, Cuban cigar stores, and nightclubs, it's both trendy and cultural.Potential for Growth: As more young professionals and businesses enter the area, there's potential for real estate appreciation.Seminole Heights:Hipster Heaven: This area is all about vintage vibes.

Red FlagVA loan or any loan with 1990 vintage - why doesn't the borrower have equity?  

They all are the same vintage, and all need about the same work: new roof; HVAC, windows; kitchen; 2 baths; flooring; paint.

@Chandra Sekhar I haven't seen this listing, but I can guarantee you that the actual expenses to run a property like this one are likely to be higher This is probably a vintage building from the 20's and 30's would be my guess.

The market is still in the process of absorbing this excess housing stock in the form of rehabs.Many of these buildings are vintage 1890 - 1910 when Andrew Carnegie was rapidly expanding the local steel industry.

@James Buchanan I lived in Deltona for 21 years in DeLand now for 2 (I prefer the vintage feel) but Deltona is definitely a true bang for your buck area...and houses are creeping up price per foot there too.