“If your analysis shows that it would sell for 1.4 M in today’s market and you are getting it for 1.1. M, isn’t this a no-brainer ? It would be for me.”

Not likely. Unless the seller is his mom, I doubt he’ll buy it for $300,000 less than current market. He’s just trying to talk himself into buying, and what better validation than having a bunch of bears say it’s OK?

If somehow he did luck into such a deal, he should flip it, not live in it.