Climate-controlled units commanded a premium, with asking rents of $271 per unit compared to $234 for non-climate-controlled units.

You'd have to engage a grading contractor who might be able to give you a ballpark estimate, but it would maybe have to be engineered with rough and precise grading plans to determine costs. 

The best thing you can do is contact an real estate agent / broker who can run some comps and get you an accurate ARV range so you can forecast things more precisely and have a better idea of what these types of properties are actually worth and currently being sold for.

They have a MAJOR conflict of interest - they don't get paid until they place a tenant, yet they have ZERO liability for the performance of that tenant.If you hire an agent, you better make sure you retain control over screening & approval.

Tell them the gym will be in your unit with a separate entrance where you could control the hours it was open.  

I personally wouldn't recommend condos because you don't have a lot of control over the HOA, which is an unknown variable in terms of cost.

But like Patrick points out, each city has their own processes and some have point of sale violations, and Cleveland is supposed to start doing this in the fall, so the best thing you can do is to find an experienced agent / broker who can help navigate these issues with precision and ease!

I'm in miami dade county as a focus area only if you consider ground up but I'd pass on auctions because they are sight unseen most the time and it's all cash purchases typically. you have no control. in land development and real estate development you have full control of every part of the process. don't buy something 50 years old or 100 years old. 

Quote from @Jason Watson: I'd make the Activity be a dropdown... control the narrative.

They should always be under control of the owner, not allowed to roam free, not allowed to bark, can't destroy the property, etc.