The easiest way to avoid it is to include all services in the rent and estimate use for each unit, based on square footage or number of bedrooms, bathrooms, etc.  

Get estimates from contractors for adding a separate entrance, a kitchen, and updating the bathroom. 

While I’ve never done a project like this before, it’s something I’d love to take on—or at least organize and bring in the right experts to see it through.I estimate it would require around a $2M investment to build 5 houses on the lot, with each home valued roughly at $600K.

@Ray HageI agree as I would stay away from condos as between special assessments and increase of fees, what is the risk vs reward.Many of these buildings are run by people who are not property managers or have development experience and lack the knowledge to properly run the propertyAlso many don’t realize that on older buildings your initial estimate will be 30-50% less once the work starts, especially on older concrete buildings that are susceptible to deterioration due to the weather in these areas (especially the salt)

I have a property that has a Morrison address (Quincy & Youngfield approximately), but it is not in the town of Morrison limits.

DSCR Lenders will generally underwrite DSCR Ratio for a 30-year loan at a "go-forward" estimate of NOI thats generally looking at the next 12 months or first 12-months of the term. 

I would rough estimate that deal at approximately 100k.

Last night, I learned that there's a problem with the home: during the inspection, six gas leaks were identified, and repairing them will cost approximately $7,500 in labor and materials.

I'm estimating $120k-150k in renos.

Hi Lygia, you can definitely find comps and estimate MTR rental rates with Airbnb and Furnished Finder.