In NY, The law indicates that the property owner is responsible for outstanding utility bills for water and trash.

This indicates that the one investor has it under contract and someone else, who is not party to the contract,  is marketing it.  

As most of the replies here indicate, buyers have little imagination for what will be, and the first impression means a lot.That having been said, I wouldn't necessarily turn down a listing that was in the process of being fixed up.  

I'm early in the discovery process, but my (unconfirmed) numbers indicate that I'll get a 12% cash on cash return before raising rents to market value, and a potential 25% after rents are brought up.

I have had to create spreadsheets for my sellers to indicate any income or expense information.  

When renewing their Iease, I indicated if they paid on time I would discount their rent $25.

Overbuilt markets, increased competition and slowing rental rates seem to me to indicate more of a slowing or small correction in the market as opposed to a bubble.

For education only, here is how we do this:If the only thing that has changed is the maturity date on the note, then all you need is a simple half-page document indicating the new maturity date.

I see the doubt about the future and the economy, as well as the increasing interest rates, as an indication that there are going to be even better deals available in the near future.  

Sometimes the Bear gets you.If your results indicate significant loss perhaps an analysis of the "why" would be helpful in a future post.Thanks one and all for your participation!