(The items I removed from the list and replaced with "..."

Sounds like the seller hasn't replaced a ROOF recently.What is property management costing?

Understand the zoning and if you can replace the building.

It needed to be gutted to the studs on half the house and the roof needed replacing.

3) full carpet replacement (home is 1,474 sq ft)4) interior and exterior paint work needed (home built in 1940)5) needs vinyl windows (there are 12-15 windows)6) some wall areas need to be re-sheet rocked due to holes made from previous owner(s)7) basement ceiling is low and should be lifted (room to be lifted another 6")8.) need insulation and sheet rock in basement to cover foundation area to turn into a potential family room area9) new kitchen cabinets10) appliances (washer/dryer/stove/dishwasher/fridge)11) new kitchen countertops12) update bedroom closets13) install regular sized door and doorways for 3 bedrooms14) new front and back door15) turn upstairs into a master suite... knock out a few walls and alter 2 bedrooms upstairs to a master bedroom with a walk-in closet and an attached master bathroom16) landscape and curb appeal17) stairs are kind of steep leading upstairs... don't know if could be changed?

Sunk $70k in top to bottom repairs, new kitchen, roof, windows etc. and did not borrow more than I absolutely had to. 1031 exchange replacement.

Dishwashers involve some plumbing too, and some "reworking" of kitchen cabinets, which leads to---By updating I'm guessing you mean replacing kitchen cabinets and freshening the baths.

Replacement cost.

I replaced them with french doors and did some other touch up and sold it in 2 weeks.

.: 3,000Gross Operating Income: $ 166,159Expenses:Administrative: Expenses Per unit % of ExpManagement Fee 4% $ 6,646 $ 266 9.15%Maintenance:Trash, Lawn & Snow $ 1,000 $ 40 1.38%Repair & Maintenance $ 10,000 $ 400 13.77%Utilities:Electric, Gas, Water $ 14,000 $ 560 19.27%Fixed:Insurance $ 6,000 $ 240 8.26%Replacement For Reserve $200 $ 5,000 $ 200 6.88%Tax (Real Estate) $ 30,000 $ 1,200 41.30%Total Operating Expense: ($72,646) ($2,906)Net Operating Income: $ 93,513The asking price is $1Mil (seller financing)What should be my max offer or terms?