Doesn't take a rocket surgeon to figger out which is the more profitable property.

Insurance companies are always coming out with newer rate structures and reconstruction cost calculators.

., which has received a grant to be reconstructed to include bike and pedestrian paths.

What if you blow through a red light and kill a young surgeon? 

Massive reconstruction, renovation of everything front, back, inside and out.

In total, I had 5 bids, ranging from $30k for repair to $70k to reconstruct.

Given that it was vacant, I don't believe that there are any other insurance proceeds for reconstruction. 

Finally I found a friend from high school, who is a reputable builder, he hired a structural engineer, removed the concrete and reconstructed the interior support beams.

Since the seller hasn't differentiated this property's income from his other properties, and hasn't kept a detailed rent roll, I've asked to see copies of all current and previous leases to try to reconstruct some kind of occupancy timeline.

Friends in Ithaca recently added an accessory dwelling unit when reconstructing the garage at their SFR in Ithaca and the process has taken well over a year navigating the city bureaucracy - with a couple of construction starts and stops because neighbors complained (spuriously) to the code office.