The area is close to Newark Airport which is a plus and has easy access to Times Square NYC with a short bus ride.

You are likely to end up with a bit of turmoil with that cheap of a property (probably not in great shape and/or in a bad neighborhood) and lower-quality tenants (evictions, excess repairs, etc.).

Even with a manager things may arise that cause you stress and take your money.Unless lower class investing is your main focus and you have the capital and comfort level in this arena I would not do this deal. 

You don't need a real estate license to be an investor.It would actually cost you money to hold a license and not actually use it.To get access to the local MLS, you have to pay money to the local Realtor board.

It doesn't affect the price.If you want a "discount" for the work needed, then you would lower your offer to the bank or suggest a credit of $1,000 to be given at closing.

Just out of curiosity was he one of the lower bids?

Obviously someone is happy to invest their money on a fixed up property with lower cap rate. 2.

There are different credit requirements, but the rate should be lower. 

(rents are increasing in the area, but we are heading into fall/winter where the tenant pool is lower) Assume that you would get pretty much all your money out on the refi.

I have 2 options:1) Purchase the property cash (hopefully for a lower price) - lets say $35k and then fund the rehab ($40K) cash - so my all in is $75k + closing fees.