Angela,I understand not wishing to undo the tile work, but acrylic three-piece tub surrounds are far easier to look after and will suffer tenants better than tile.

At the same time, I really like @Brent Coombs statement... walking away is fine if it doesn't work.You shouldn't massage your numbers to make a deal that doesn't exist.If you are comfortable that $135K in repairs is what it is going to take, then use that number!

Need to set up another massage with you bro haha.

Owner finance deals can work if you are paying market or below sometimes and massaging the financing some with seller terms.All cash usually you get a good discount or higher cap rate. 

{Un}fortunately, there are enough landlords in our area who think students should live in derelict homes and pay top dollar for the privilege, that we have little problem standing out.As example, here is a washroom we re-did in our rooming house 18-month ago:The tub has an acrylic 3-piece surround, while the floor is porcelain tile (scored a great price on ends) and the vanity is real wood (expresso finish) with a granite top.  

Running a massage business?

Try through caulking.You can get latex and acrylic and silicone caulking.

You can't trust a guy who needs his ego massaged.

I 'd use an acrylic adhesive and not a releasablwe or multi purpose.

Let me know if there is work for a massage therapist down there :) (That's what I do right now and would love to get away from the cold this winter!)