Here is the quick calc to determine value:Total occ paying lots x avg lot rent x 12 - expense ratio (35-45%) = NOI NOI / cap rate = valueOrNOI / value = cap rateKeep in mind this is just a back of the napkin calc to gauge whether to pursue it.

Spending just a few hours here and reading some of this excellent book has helped me to go on Zillow and do a few "back of the napkin" calculations (I plan to do dozens more before seriously pursuing any). 

If you're breaking it in to 3 lots, each lot will require new water meter taps and sanitary sewer connections.

Their rent roll is literally written on the back of a napkin, the closest thing they have to a T12 is an annual rollup with incomplete December numbers and a note to "pickup daughter after her gymnastics gig".

I recall one that was probably 3-4 years ago that put about 3 feet of water in a house I own in Cleveland (whole street gets water pushed back thru sanitary lines due to an issue in the main). 

Tenant will, at its sole expense, keep and maintain the Premises and appurtenances in good and sanitary condition and repair during the term of this Texas Lease Agreement and any renewal thereof.

The Tenant Section 83.52, F.S.A tenant, at all times during the tenancy shall:Comply with all building, housing and health codes and keep the dwelling clean and sanitary.Remove garbage from the dwelling in a clean and sanitary manner.Keep plumbing fixtures clean, and in good repair.Not destroy, deface, damage, impair or remove any part of the premises or property belonging to the landlord, nor permit any person to do so.Conduct him/herself, and require other persons on the premises with his/her consent, to conduct themselves in a manner that does not unreasonably disturb the tenant's neighbors or constitute a breach of the peace.Use and operate in a reasonable manner all electrical, plumbing, sanitary, heating, ventilating, air-conditioning and other facilities and appliances, including elevators.Seems you've got a leg or two to stand on there.Send them a certified letter stating they must comply or you will evict under this section.

It's a very simple, 'back-of-the-napkin' type of underwriting tool.

In Ohio our code stipulates, "(4) Maintain in good and safe working order and condition all electrical, plumbing, sanitary, heating, ventilating, and air conditioning fixtures and appliances, and elevators, supplied or required to be supplied by the landlord;" It sounds like appliances fall under that and you may be in violation of your landlord obligations until it is fixed.

You'll need to call around to a zillion closing attorneys to find an investor friendly who can help you with sub-to.Any wholesale P&S contract is fine, as is a napkin (not kidding).