Too good to be true?

[Kendra Levy]

I have the opportunity to buy a property. I would appreciate all feedback. Here are the details: 10,000 Sq ft  13 rooms rented $500-750. Per room, depends on size 2 Huge living room areas 5 bathrooms,  1 full and 4 half 2 full size eat in kitchens  1/3 acre mostly fenced Basketball sized,  concrete back yard 3 storage sheds Swamp coolers, 2  1 new boiler, 1 refurbished Heat system  Fresh paint inside and most rooms newer carpets  This property is currently a boarding home for elderly or disabled people on fixed incomes. Current realtor appraisal of $480- $500,000. Asking $365,000. They are on a deadline to avoid foreclosure. My question to them is why they can't afford to pay the mortgage if they are truly getting at least $500+ a month from 13 people/rooms. The numbers seem to work.