I actually got the condensed appraisal done right after I finished and tenants were in place, so was expecting it to be in the range it came to be.

Income Salon : 19,732.00 Income Apartments 12,300.00 ( 3 rented ) range from 300 to 425total income 32032.00expenses : utilities 6369.00 garbage 600.00 supplies 1800.00 tele 1000.00 taxes 4200.00 insur 5000.00 mntge & cleaning 2640.00 ------------------------------------ total expense 21609.00property is 75K , roof over 20 years old, one additional apartment not rented needs 6-10K rehab. ( was never rented more like a large storage area which can be made into a 1bed, 1 bath) air condenser in salon new last year, plumbing, electrical all as old as property 40+ years, has termites 5K for removalIt now has 11K net profitmy feelings is if I get the utilities (water, elec, tele ) paid by tennants and salon. that would be additional 7K in income. rehab the additional apartment to generate 4K, treat termite infestation11K + 7K + 4K = 22K net What range would you be a buyer in ?

If you are dealing with a conventional loan product, or a portfolio lender, you may run into issues since most of those lenders will want to order their own appraisal.In the case where the lender, not the broker, and I don't think brokers order appraisals much anymore, ordered the appraisal, it is at the underwriter's discretion if they want to release the appraisal, and to honest, an UW doesn't care about saving you any money.Again, I'm a little out of touch when it comes to residential lending, but I did a little checking into this issue, and from my digging around, this is the condensed version of the info I read.As far as your broker not telling you who they're dealing with, that's an issue between you two.

To condense the list to the important ones:New electrical wiring/PanelNew PlumbingWooden window frames are falling apart (termite damage)Wooden steps to back yard and 2nd floor units need to be replaced (termite damage)Flat roof needs maintenance (leaks)My Question is, where does an investor typically draw the line and say that there's too many repairs that need to be made? 

No duct work needed just a pair of small tubes and a couple of wires to each " head " mounted on wall, small condenser unit sits outside. 1100 sq ft probably 2 heads depending on layout of house.

But the other day, I drove by and noticed that the a/c condensing unit that sits outside the house is missing.

To make it look even more like they are trying to pull the wool over my eyes, he said the quote of $250 per unit means $250 for air handler and $250 for the condenser. 

You may be able to find a condensed version at www.Landlordology.comPlease don't skip this step.

yep new line-sets, condensers & evaporator coils get very expensive.we have a couple that we're just keeping alive but it's inevitable.

You would have a separate air handler in each unit though I do not believe you could connect one condenser to two air handlers.