Would it be fair to offer the price the owner was asking before this most recent unfortunate remodel?  

There will be this trade off that you will get out of any remodel. 

I'm thinking with about 50k invested in remodeling, would bring the rent to approx $1500-2500/month for commercial space + $1500 for the residential = approx 3.5 k total/month.

My mortgage is very low and I have just remodeled the kitchen and remaining upgrades will cost less than $5k.

But when you go to sell your flip after the remodel then you negotiate the commission with an agent what you will pay them at closing, as well as, to any buyers agent that bring fort a buyer.

But if you want to stay married, buy a place you both like, in a neighborhood you both like.This isn't exactly what you asked, but I see ambitious -- but skill-less -- first-time buyers in Denver and Colorado Springs want to take on a big remodel in the name of "value-add" because they read on here it's the best deal.

just put empty calories / more crap through your body holes, and literally into the toilet.

Its completely hands-off (other than monitoring your account), very liquid, no additional expenses (like a leaking toilet, new roof, new flooring, etc.), and not deferred tax liability (which automaticlaly happens with a rentla).Oh, and you still get a step up in basis --- don't know why it keep being sold "as-if" real estate is the only asset that gets a step in basis on death... 

And the upcoming remodel.... still has original 1984 paint, flooring and furniture. 

4 units fully remodeled.