If he graduated high school in 1965, what in the world was he up to for all those years? 

The family is super old-school and just want to sell and be done with the process.

We weren't planning on buying another one until the middle of 2012 (we are old school, buy & hold with traditional financing investors), however we may be interested if the price is right.Do you have permits for the back rental?

You do need 2 years of employment history, but that can include school.

I look at my vacancies and think about what people would need to be in that area for school or work.

Pay attention to the county lines and school districts.

FSBO's are almost always overly optimistic on their sale price, but depending on location $175k could be reasonable (like near U of R, certain parts of the Freeman and Godwin High School districts).

I am in real estate school as welll. 

I would like to buy the software (old school, I know) and have it on my desktop.Any recommendations out there?

It's a great candidate for a cash flow property, for the neighborhood, school district, etc.