Roof still have 10-15 years left, new gas furnace, new ac unit central air.

But the problem is that the current HOA has no legal representation currently no board, no valid address etc. now another investor came in and bought about 70% of the units and they plan on trying to get the HOA up and running at the annual meeting in February.

Thank you @NaDean Bowles I've been doing a ton of research in this commercial space and new rules for establishing values (differing from residential)...I'm just finding it hard to believe that NOI going from 37k/yr to 63k/yr by doing some fix up,raising rents and passing off utilities to tenants on a 635k property 5.5cap will result in a 500k bump in value($1.1mil)..sounds good on paper, I guess i'm still yet to believe it will be validated by a bank or buyer...but according to what I'm reading and learning, it should be close to that.

It currently has heat only( original 50s gas furnace).

If not, they could be in big trouble...Windermere and Sotheby's, as well as any other licensed brokerage has a duty to provide their sellers with an opinion as to the validity of any offer.  

And if you do bang on 5,000 doors you're probably going to spend a chunk of money in gas.  

Median in the US is $51,000/yrMedian Maricopa County, AZ is $55,000/yrNow don't get me wrong, that number sucks too and your point is still a valid one, especially in high cost of living places.

One-time Expenses$1000 - Acquisition Costs (minor rehab, legal, & inspection)Annualized Expenses10% Gross Annual Rent - Vacancy Costs (turnover & lost rent)10% Gross Annual Rent - Property Mgmt (standard)$1176 - Repairs & CapEx ($1 per sq foot for tpical property)$1516.46 - Property Taxes (5 year historical average for typical property + 10%)$1000 - Property Insurance (a nice round number: seller reported that he paid $708/mo for one duplex)$27 - Water & Sewer (average across several properties from last month)$0 - Gas, Electric, HOA, Snow Removal (tenant pays or not applicable)$60 - Lawn Care (I made this number up)COMPARATIVE ANALYSIS:This is my analysis of the five properties that are being negotiated right now, listed from best to worst.Property Alpha (two-flat)$1250 - Income, Monthly (actual)$567.37 - Expenses, Monthly (estimated)$42,000 - Price, Signed Contract36% - Cap Rate (Annualized Income / Price)16.6% - ROI, After Tax (annually, assuming 15% income tax)6.0 Yrs - Until this property pays itself offProperty Bravo (two-flat)$1100 - Income, Monthly (actual)$537.37 - Expenses, Monthly (estimated)$42,500 - Price, Signed Contract31% - Cap Rate (Annualized Income / Price)13.1% - ROI, After Tax (annually, assuming 15% income tax)7.6 Yrs - Until this property pays itself offProperty Charlie (duplex)$1075 - Income, Monthly (actual)$532.37 - Expenses, Monthly (estimated)$55,000 - Price, Informal Discussion23% - Cap Rate (Annualized Income / Price)10.7% - ROI, After Tax (annually, assuming 15% income tax)10.3 Yrs - Until this property pays itself offProperty Delta (SFR)$875 - Income, Monthly (actual)$492.37 - Expenses, Monthly (estimated)$48,000 - Price, Informal Discussion22% - Cap Rate (Annualized Income / Price)8.8% - ROI, After Tax (annually, assuming 15% income tax)13.6 Yrs - Until this property pays itself offProperty Echo (SFR)$770 - Income, Monthly (actual)$471.37 - Expenses, Monthly (estimated)$62,500 - Price, Informal Discussion15% - Cap Rate (Annualized Income / Price)4.1% - ROI, After Tax (annually, assuming 15% income tax)24.4 Yrs - Until this property pays itself offNotice how the price keeps going up?

What are you TOTAL monthly expenses including gas, food, gifts, movies, mortgage, dinners out etc?

The energy source for hot water heating can be either gas or electric.