As long as the maintenance was taken care of within a reasonable time frame and complied with landlord laws then you should never lower the rent or take partial payments.

If I can get a 40 year, I would take that.There are two factors here with regard to my cost and income:1 - Down Payment - The lower the better. 

@Michael Biggs  I think as it relates to most of us BP folks the banks we want to cotton up to are your local community banks owned by your friends and neighbors who are in business to support community business's which is what at some level we all have.I would NEVER use a national bank.. they make money on checking accounts ATMS and stuff.  

Make sure you ask them what level of involvement with you they are comfortable with. 

the only sign was a patch job on the chimney in the basement, lower than the current chimney pipe.

Most such buildings are in lower class areas or of lower quality construction. 

If so, you will typically receive some level of "legal work" as part of the process.

When it comes to an inexperienced investor trying to figure out comps and value of their new investment, ALWAYS take the lower comps. 

We inspected it on site this morning.Average rent is $550 like the lower one is renting for.

I did a calculation and ended up coming up with something like $600/mo which seems quite a bit high, so I lowered it to 6% just because there is no way my math was right on that.