This 4-plex will rent for around $2500 per unit and would have a finished value of about 1.3m.

I would be willing to do some value add component/renovations.

Sympathize with them, and try to help them get out of their current situation.Have accurate numbersALWAYS have an accurate ARV(after repaired value) on a property, and ALWAYS have accurate repair costs.

However, the suitability of buying and renting out a single-family home in Richmond can depend on various factors, such as market trends, rental demand, and property values (similar case with all markets, really.)Chatting with a local agent in the area can provide very helpful insights into the market, data, and specific neighborhoods.

While real estate values do rise over time, if you can't cover your bills during the downturns to get you into better times to sell, you are likely to lose money.  

I would like to maximize value.

Again, at another $20 per unit higher it will be worth another $685,000 at 90% occupancy= $616,00 more value.  

You need to find a zip code where land values are 10% of less of after built value.

Quote from @Dan Huang: @Tyler Sweet I am a firm believer in the disruptive value of blockchain technology and decentralization, and a crypto-friendly realtor in Las Vegas. 

How much profit you make depends largely on your targeted clientele and your property management.