We ended up offering on Frank's P&S contract.You are on the right foot re how you calced the offer price!  

@Michael James Brooks I never use square foot, its 100-500/slab, that's 8'.

You can also estimate using something like this: cosmetic repairs = $15 per square foot.

I know for my family growing up in the DC area getting their foot in the door in a great school district with a house that has appreciate a huge amount.

Would like to get my foot in the door with my first deal within the next 6 months.

I know if I saw something posted by some people, I would believe 100% of what they posted because they have impeccable reputations both on here and in the real life market place...and there are others as soon as they post something I wouldnt touch it with a ten foot pole even if it looked like a legit deal.

This shouldn't be a red flag, you should be relieved the Association is maintaining the building and that you were given this information before not after.

I wouldn't touch 99% of properties out there with a 100 foot pole.

Following gurus will put you on the wrong path off on the wrong foot.

It's a good way to get your foot in the door.