There is a sense of accomplishment in remodeling a kitchen or changing your own oil that you can never get by pressing the send button on an important email or crafting a really nice excel spreadsheet.

And seasoned investors are often content making 14% plus on hard money lending to smaller fish with a great deal.

Lots of fish in the sea, you'll get the next one.  

Man camps for oil field workers are nothing new around here.

We have birding, fishing, boating, other events, and sun! 

Then I stopped by BassPro, bought some fishing gear and a new battery charger, met a couple standing in line who are moving to the area a need a house, gave him my number, well, I just happen to have.....they want to see it!

Ask if they updated anything, mechanical, roofing, wiring. what rents can be expected - will you be able to see leases. what are current expenses - water/sewer, taxes, garbage, electric, gas / oil, insurance. whats there usual vacancy rate ( just because it's next to a campus does not mean it's a gold mine). check if there is plenty of parking, are there laundry machines there 9 coin / card) how old are they, Appliance ages. any pest control/ termites have to be taken care of. whats the law on how many students can be in one dwelling ( normal is 4 but i have read on this board that some areas only allow 3) - that will make a difference in your incomeyou do not want to buy the place not knowing that the appliances and roof are 15+ years old and all sudden have to fix/ buy all new.

You should expect a high rate of rejections with low-ball offers, as IMO, you are fishing for a buyer that is desperate to get out of the property.

So for me, I'd walk - especially because your numbers already seem tight and this will almost certainly affect appreciation (just the uncertainty of future reclassifications will - even if you actually manage to get it changed to X now).I know it hurts to walk away when you already poured good money into the deal (I've done it myself with an underground oil tank situation), but that may be the cheaper solution in the long run - or at least the solution that lets you sleep better at night.

I work in the oil and gas industry.When not at work, I have a lot of free time which I use to learn and practice investing.