I haven't seen anything under 200-250k all in cost  Part of it is detached garage and using existing structure + existing electrical.

It will be dependent on how much cutting they have to do and coordination with other MEP systems such as electrical and HVAC.

They said the building would need to be updated for plumbing and electrical as it was 65 years old. 

I think the bottom line is there is a lot more commitment that goes into property management than most people think, but if you have the time and energy to commit, go for it.

Electric baseboard heat is a cheap way to replace an old furnace that feeds several units which you pay for.8.

When it comes to anything major like electrical, plumbing, or structural...I think you need a permit.

On the flip side, my “brother,” and business partner, Rob, is the “Daredevil” This means he thrive in high-energy environments, embrace risks, and is relentlessly driven to achieve bold goals.

High energy in your post, but tread carefully.

If any of the "Big Five" systems (HVAC, plumbing, roof, electrical, water heater) haven't been updated recently, they still should be budgeted, even if you expense them later.Also, if you're primarily buying for cash flow, then this seems like a whole lot of work for just 7.75% CoCR!

By the time it reaches the tax sale, the property has often been vacant for many years, with all the electrical, plumbing, and HVAC components having been stolen.