I considered it, but both of my 4plexes make solid long term holds in an area of seattle going through a nice explosion. 

With a strong tech sector, plenty of foreign investments, and a diverse industry overall, demand for the city of Seattle is likely to be second to none in 2016.Seattle has been in a solid upward trend since 2012 and is likely to continue its ascent.

@Karen Margrave was/is doing some developing in your neck of the woods.

Sounds like you have a solid plan laid out.

Which would force me to also update the building to get FMR otherwise I'll have to consider renting out for $200/room and that is not very profitable and I think there's a time where it's just too cheap.I think the sub 400k offer is a solid one and I'll have to stick to that 350k range or pass on it. 

Also, what are some questions i should ask him when we meet to make sure this is a solid deal for me. 

However, it's already rented out by a long-term tenant who doesn't plan to leave.Purchase Price: $57kARV: $105kMarket Rent: $950Current tenant who has lived there at least 25 years: $700 (I plan to raise her rent like $75/year to get closer to market rent)Repairs at time of purchase: $0 (because no repairs have been reported since tenant loves her own mess)If tenant leaves, that's when I need to think about the rehab because:1) some of the walls have the dated wood kind of look2) old, dated kitchen cabinets3) fully carpeted house will need it replaced4) re-paint inside5) 150 amps service (should I upgrade?)

Later today I am contracting (knock on wood) a guy that owes $170k after a loan modification on a house with an ARV of $160k.

The price point for entry and solid cash flow options were the biggest factors for me. 

It builds a solid foundation and helps you focus on one strategy.