In the coming weeks you will need to look at any long term maintenance issues, roofs/roads etc and see what resources have been built up and what projected costs will be.   

Management, evictions, kitchens and roofs cost almost the same of a $500/month unit or a $900/month unit.My rule is not too buy apartments that rent under $500/month.  

If that's the case (and even if its not really) I would think you are going to need a polished presentation that highlights your experience, success and a detailed plan individual to the struggling subject property.  

@Robert Ehrlich You forgot to add into your calculations: future vacancy (it won't alway be fully occupied), evictions /legal fees, capex (roof, painting, heating/AC, appliances to name a few). 

It will help you keep track of things but if your needs ever increase in complexity, you're going to need something better.  

If you think it's priced well and can afford to wait then by all means wait & see if the perfect buyer falls in love with it.If you need to get out of it quick your going to need to lower the price. 

Renters since they are in the home and have personal property in the home are much more likely to need insurance.

You're going to need a lawyer to sort through those. 

But you need to make sure that new flip doesn't go too smoothly now... you're going to need some DRAMA!!!

Is it different if you live under the same roof?