This allows me to be totally paperless!

@Maria Marrero  Dept Service Coverage Ratio or DSCR for short, is the amount of Net Operating Income ( NOI ), which does not include your mortgage, Divided by Total Dept Service (TDS) ( usually mortgage payments, equity loans ) so the formula is: DSCR=NOI/TDS.

Daljit, it would be a total home rehab.

- Since I already own 1 other rental property that I purchased last year (not including the one I'm selling), I'm concerned about getting financing on 2 other properties, which could total up to $700k in value if I was putting 20% down (the $140k).   

@Travis Moore - seems like option #3 would be your best bet. 

It sounds like a hard money lender is your best bet. 

Then meet with the broker and offer YOUR price. crunch the numbers as if you need to do the improvement and work on the Total COST base. 1963 Building may need re wiring and plumbing, new appliances etc etc - Tel all of that to the Broker/ Seller.Put an offer in with building inspection contingency, even if they want you to buy it As-Is.Make sure to put other contingencies according to your requirements. 

Thus is the approximate water/sewer is $100, then each tenant pays $35, and the owner pays the balance.Sometimes I adjust the percentages based upon total occupants in the unit.

Please, do yourself a favor and call a LT lawyer and do not wait another second.I'd also be prepared for her to totally destroy your house as you lawyer-up.

One good test is take the monthly rent total for all units, multiply by 12.