In my experience, relying solely on pictures can be outright misleading, they do not provide insights into the internal structures or the condition of the roof, plumbing, and wiring to say the least.

But you are talking the roof will get ripped off, etc.  

I do like the fact there is everything under one roof.

Disagree with this, you still have HVAC, turnover and roof repairs in multifamily which could just as easily wipe out your cash flow. 

I can build the A-frame for $53k in materials and the shed roof cabin for $41k.    

Likely the roof and the HVAC/furnace will be the biggest expenses that might occur but a hot water heater here, a clogged toilet there and suddenly the bills start adding up.

Purchase price: $1,075,000 Cash invested: $160,000 Indulge in modern luxury at this fully renovated 4-bed, 2.5-bath home boasting new roof, AC, windows, and pool equipment.

Purchase price: $58,000 Cash invested: $35,000 Sale price: $145,000 Total cosmetic rehab including, interior paint, exterior paint, new roof, new flooring, new tile in shower, new fixtures and painting basement.

Purchase price: $58,000 Cash invested: $32,000 Sale price: $145,000 Total cosmetic rehab including, interior paint, exterior paint, new roof, new flooring, new tile in shower, new fixtures and painting basement.

Hi all, There's a 125 year old MF property that I have my eye on, but it needs upgrades (roofing, electrical is very old, mechanical is ad hoc, asbestos mitigation, etc.).