I added that to my list of potentials after checking it out a bit.

You could do the 70% formula, that is one way.However, it’s noteworthy to also take into account the cash flow potential of the property.  

I do see the value in being able to use FHA financing to acquire and potentially fix cover your rehab costs but based on the necessary repairs I would ask for either a significant reduction, the current owner to complete all major repairs, or just move on. 

@Steve BoianelliSo just to get the timeline right, you are potentially losing 2 months of rent.

Listing agent having an attitude towards a potential client. $200/mth to mow the lawn?

Adam,  I'm interested in potential acquiring multi-family properties in Birmingham. 

Im a wholesaler and A realtor reached out to me with a potential deal and has agreed to show it to me Friday before it is listed.

If you truly want to do wholesaling, I suggest you don't get a real estate license, as it will set you up potentially for some legal issues or at minimum some RE Ethics violations. 

We are not 100% sure which Niche to choose but we are leaning towards single family homes or multifamily and potentially doing some flipping in the future.

@DJ Richmond is absolutely correct with potential equity as well.