Pablo C.

It's a class B house in a class C area. 

Says one of their really good friends (agent C) has a lot of buyers but nothing to sell ... and wants me to meet with this agent.  

@James C.

Portland Commissioner Chloe Eudaly announced she plans to call for reform of rental housing deposit regulations and is considering:(a) limiting the deposit amount;(b) requiring that it be held in an interest-bearing account; and(c) clarifying the definition of reasonable wear and tear.In an article published in today's Portland Tribune, Eudaly claims to have set up a stakeholder committee meeting of landlords, tenants and housing advocates.

I do like that you'll have plenty of reserves after closing for emergencies like having to evict although knowing the type of tenants on the Westside are less likely to be problems then B and C neighborhoods and work you still have to do. $2900 might actually still be a good deal from their eyes but use discretion inheriting tenants using has it's challenges. 

Cash out of your own pocket (not from sale of first property)      c.

Plumbing Code requires a drain for water heater overflow discharge and A/C condensate line.Good Luck.

If you are in C/B- I probably wouldn't bother.

Jeff is also correct in saying that one of the ways new investors get preyed upon is by so-called turnkey companies selling them C/D class properties in markets they're not familiar with.