Deal is little large for the first deal, house is located in my local neighborhood so i'm familar with the market.

As a sales person, you’ll need to “hang your license” with a real estate firm. 

The tenant that was there at the time was nice and we talked about whether or not there were issues with the property that he noticed (none) and that specific neighborhood in the city and he also mentioned that he was planning on renewing his lease in a couple of months when it’s up.

Needing guidance on a potential opportunity to help my grandmother.She wants to sell her 2 bdrm + 2 ba condo in a (C+ - B-) neighborhood - (The Wingate Condominiums) in North Dallas.

Is it in a bad neighborhood?

Check out the neighborhood before you buy.

Replacement value (as shown by your insurance bid) is often in the 200's for a SF and sellers would be happy to ask that much for their properties, but neighborhood issues dictate a steep discount.

Welcome to the site Jeffrey.When looking at the Cleveland market I see a ton of investors get totally shocked by the bottom dollar prices you can find in some of the rougher neighborhoods of Cleveland.

Comps were going for around $275 sq/ft in this neighborhood of Dallas, and there was a big yard, so I could add on about 1500sqft.

Owner is very concerned about tax implications and firm on price.