She did update the mechanicals and roof, so those pricy issues did not have to be addressed.

There are currently three roofs on top of this house.

As you run your business, you may have to buy a new roof unexpectedly, or replace the hvac system unexpectedly, or replace kitchen items on a turn because they've been destroyed or reached the end of their service life.

Estimates are bout 400k for full gut remodel (hvac, plumbing, electrical, roof, mostly new windows, kitchens, and baths, minor re-framing) New plan is for (2) 2B1B units and will rent for 2k and 2500/mo. 1 unit is a larger 2 bedroom.

Especially since you don't live in SD anymore.Lastly, multi family units and apartment complexes simply offer greater economies of scale for maintenance and other expenses because it's more "doors" under one roof.

Overall inventory stayed flat at 69,464,000 square feet, with no new completions in the quarter.Asking and Effective RentAsking rents in Los Angeles declined marginally by 0.1% quarter-over-quarter to $34.21 per square foot in Q1 2024.

I will be adding a bedroom, possibly newer windows to the top unit, fix a pipe, and redoing the roof.  

The market has been flat for an extended period of time (10+ years).There are attractive pockets which are generally the higher priced areas like Munich etc.Hope this helps

Then go price your labor plumbing electric, roof, finish outs, and landscaping.     

Junked it out, cleaned up landscaping, drywall repair, texture, paint, new interior doors and trim, new waterheater, new floors in kitchen. some new floors, countertops, new roof, painting cabinets.