He had just finished an open house for one of his clients and asked us if we wanted to take a look at it.  

If the location is right then yes you should strongly consider this one.  

Found one yesterday for a client and ended up in multiple offers, secured it but had to go over asking.

I would also strongly suggest also speaking to an Attorney familiar with property law.  

As a real estate agent I need more leads for home sellers, would contacting appraisers help me get leads ?in return I could recommend them to my clients.How do I approach appraisers  to ask for leads ?

This is my first client too. 

Find an accountant who has clients in that industry and have them go through the disclosed financials with a fine toothed comb.

I would look at townhome condos in A and B class cities with very strong employment markets, and good schools.   

Usually, if 2 of the 3 are really strong, the third can be overlooked. 

@Todd Dexheimer, you'd better be knocking on wood when you say that:)I just did some cross sectioned analysis for a client based on income and appraisal taxation coupled with growth patterns.