Complete rehab needed. If you know Trenton, you know this area is Old Trenton, the target of much multifamily development (Pennrose Properties, Isles Housing, Stockton Arms, etc.) as well as an area targeted to become an arts district.
Rule of thumb proforma: Rent $1000/unit x 10 units x 12 months = $120,000. Vacancy allowance= 10% = 12,000. Net revenue= $108,000. Taxes= -$11000, Insurance -$3000, Property management= 4%=-$7200 Repair and maintenance 10%= -$12000 proforma NOI= 74,800
Apply a 10 cap to this= holy cow= $748,000 after repositioning.
Apply a wholesale multiplier of 0.6= $448,800 - fixup costs of 200,000 (20K/unit)= $248,000.
1st offer of 248K takes it, otherwise best offer.