The  unit is rented consistently and is functional but also needs upgrades, new siding (has 2 layers), Some rooms could benefit from re-wiring and more insulation,   Painting is always an issue as it is not plaster but older thin wallboard. kitchen is fairly new, bathroom could use upgrade, upstairs bedrooms have some pitched ceilings but I don't think based on the foundation/construction it is a candidate for a full second story and it had a new roof a few years ago.

The 9 apartment units will be turned over (leases are terminable with 60 days notice) and will receive new kitchens, bathrooms, in-unit laundry and general bldg deferred maintenance improvements.

Before finalizing the deal, I'd like to get some opinions on whether this amount is too low or too high.The renovation projects are minor ones, such as painting, window work, kitchen renovations, some repairs and corrections that do not require permits.Thank you!

There will be a lot of no's but there are still ways to get them talking (it's in scripts - "Not even for $$$", I'm not calling to lowball you or waste your time", "I'm really just planning for my next one in the next 3-6 months"Get to the details like Capex - age of roof, furnaces, water heaters, central ac units, electrical, any recent updating in kitchens or baths.

We replaced several kitchen appliances , there is a new well on the property and it’s all fenced in.

We've replaced the roof (18.5K, it was never torn off in 100 years) and redid kitchens and bathrooms. 

Is it just upgrading the floors, kitchen and bathrooms? 

We reconfigured the landscaping so the house had a private entrance and yard, and then added a kitchen and refreshed the interior, and had it permitted as a legal ADU.

Needs new bathrooms and some updates to Kitchens.

A better plan would be buy it for 500k, fix the kitchen/baths and paint the exterior/interior and then try the refi about 8 months later.