Is your income considered variable in nature depending on job sites and that you do not work a set amount of hours per week?

He has owned it for over 30 years and has no debt, so seller financing is possible and he doesn't need a large amount of cash soon. 4 of the 6 units have been recently updated. 

Also, many PadSplit properties have bedrooms that are created via flex walls that wouldn't meet the definition of a bedroom in an appraisal, so many PadSplit owners may think their property is worth a certain a mount based on a bed count that's not valid. 

Both properties have a substantial amount of equity that’s essentially sitting idle.Would it be a good idea to tap into this equity (through a HELOC, cash-out refinance, etc.) to fund future fix-and-flip projects or purchase additional rental properties?

If your comps were sold by a real estate agent and you are using them to justify your price, that is like trying to sell your car at a car salesman's price instead of an owner's price.In any case, if you need to lower the price, make sure that the price drop is a decent amount versus a "drop in the bucket."

Of course it probably wasn’t even worth the amount owed in taxes as nothing could be built on the lot. 

It seems to me that they all whether paid of free, will all have the same exact amount of houses because all the transactions are all public and so they seem to compete with each other based on the quality of the data of the houses, how up to date it is, and the user experience in configuring the how the layout is.

Labor and Material has not depreciated in this amount of time.

Seems to have a fair amount of MF properties like your description.

The best way to get this done is via a DSCR Cashout Refinance, it is going to offer you the best pricing on the loan amount.