There is a good reason the seller is offering such a low price, and my guess is he is cutting his losses.

You don't want to invest in an area that is reliant on one employer because if the company/organization cuts back, there go the jobs.

Personally, I love the intricate details and quaint ornaments that were an integral part in the construction in the 1900's, however, I'm not particularly fond of the fact that the technology utilized in these apartments don't quite cut it now-a-days. 

@Ammon Gutierrez Welcome to BP (going by your post count)Cutting to the chase. you said "And the things I am learning don't have a lot to do with real estate."

IE an investor should value their team of agents, contractors, attorneys, etc. and not try to cut costs by marginal amounts in those departments (like choosing any atty for $400 over a great atty @ $600).- Not being too proud to utilize great buyer assistance programs out there.

I’ve considered the collective advice in my analysis and am going to need to cut his number way down.

Also you might consider submetering the water if possible to cut down on expenses. 

Make sure they are HVAC certified and you should be able to cut down costs on many things.

Hey Kevin, It may sound over simplified, but I take gross annual rent and cut it in half and that is the NOI.

Hopefully the SEC does not stomp on that and cut us out of the ICO market.