Your cpa can help you with the exact numbers. 

The other thing you want to consider is condition. 

It seems like a decent prospect for appreciation and cashflow since it's situated between JHU and Penn Station and is the site of a fairly substantial development project (Telesis), but I understand the strength of the deal will be determined by what price and condition I acquire the property at. 

. @ Ned Carey - Warranty  deed  seems very ambiguous in one section it says this " By Acceptance  of this deed, Grantees represent that they have caused the subject property to be fully inspected, and Grantees agree to purchase the same in "as is" condition.

IF you are not experienced with this, you may be better off retaining an architect on an hourly basis to help narrow and document the current conditions and proposed changes.  

With a value of $120k, the only viable option is buying as a rental, depending on condition and expenses.

I called up the insurance company and they sent out their adjuster and he's giving me an 80k estimate I don't exactly trust.

Granted I’m not knee deep in these types of investments but it doesn’t exactly seem like it’s enforced from what I’ve seen. 

Most brands also have a tamper proof tab you can activate when you install it that makes it hard to remove unless you know exactly how to do it.

Yes exactly.