@Josh MADONNAOne thing you did not mention, is how much of the property is on the busy two-lane Highway?

He says he grosses about 40k.https://www.zillow.com/homedetails/7711-State-Highway-28-Richfield-Springs-NY-13439/31627788_zpid/

This, even though the purchase price is $1.6M cash, outstanding loans of $1.9M, and Countrywide's own appraisal at $1.2M.

I'm 1/10 of mile off the highway that leads to two lakes.

In fact, a double wide has two titles, one for each half as it travels down the highway. 

Then, obviously, make sure you have an outstanding property management group on your team.I have multiple properties that I am selling in the major (and some not so major) metros in Florida that all produce cash flow (I run each rental property through the BP Rental Analyzer for my BP friends) and all are at a significant discount to retail.  

That's just downright highway robbery.

Verify with seller(s) if there are any outstanding or expired construction permits or if any changes have been made to the property since the seller(s) purchased the property.45.

The home is in a rural town, so comps also by the highway are limited.

Logic tells us it cannot continue like this, but 60 years of history tells us that over the long haul it will have outstanding appreciation and rent growth.