I was a wreck but learned a lot.

For the long term and that number of units, you're going to have all the long term expenses like furnaces, roofs, tenants wrecking the place, lengthy evictions, defending yourself in the occasional lawsuit, and all the other fun stuff.Yes, one you get these paid off, the cash flow will improve.

She is a freaking wrecking ball for capitalism.I would like to know what "fair value" mean.

Drug addicts for tenants it is abandoned and a complete wreck.

They've only posted external photos which leads me to believe it's a wreck inside (it was built in 1933 and further work done in the 80s).Comps/recently sold in the area are $400K+, however these homes are in much better condition and have significant remodeling.Should I base my MAO on land value.

I would assume you're not going to wreck the place or create any big expenses.In your analysis you've neglected a bunch of expenses including maintenance, landscaping/snow removal, capital items, vacancy and property management.

In a bad case (I've bought one like this), the owner wrecks the place on the way out.So, just like everything bubbled on the way up, it all collapses on the way down.

Sadly, I wrecked my credit when I was a little bit younger.

I will not hesitate to put it on the market not to let tenant make a dent on a newly constructed duplex wreck your place. 

It's nerve wrecking when using new financing and going at it alone for sure.