Simply because he thought that he could get more. 

For you simply studying might be the trick.

I am simply putting it out there to get some constructive feedback like others have offered.

Unless houses are very very cheap I assume you were simply missing some real comps.

I think simply sitting down with the seller and discussing what they need would be the place to start.

On the other hand, the property may appreciate in those five years, giving me "free" equity beyond simply what I paid into it.

If it were me, I would rip out all the edge tiles and replace them, simply from a momentum and finished result aspect.Good luck!

This is simply false. 

Or, simply buy, rehab, and sell for a profit?  

I ran a check on one of my prospects for the office space and the service returned as 'Decline' because of a criminal record on file that happened 22 years ago for possession of a control substance.What would you do in this case, for a residential customer I would have simply declined , but for a office space , with small enough rent, should I take a risk of rent it to him?