With all the grandstanding after the fact by city councilors and residents, you would have thought someone would have wanted to know the timeline of the sale of the building.The reality is quite simple.

I know this may be a very simple answer to some: they owe rent, so just tell them they have to send it!

To me it is simple.

The units sold on the open market for about the same price as if they were Fee simple with separate land deed ownership.

It also is worth approximately $140k more than my property is currently worth.My question: when evaluating renovations, is the math as simple as (Additional rent expected per month due to renovation * 12 months/yr)/total cost of renovation = ROI.

I'd appreciate if you could expound on your thought @JohnWarren  One simple explanation is that 1-4 units considered in Residential category.

Plenty of SFHs that are simple vacation homes for families getting out of the city and I would bet that will continue to be the case.

It actually IS as simple as calling them and asking if they would like to sell, but you need to say it better than that.

DIYing the place can help save money, but for someone that doesn't have all the tools and know how, it'll probably take longer and might cost more.

For appealing appraisal, the easiest way is absurd adjustments (and adjustments are often absurd: $10k for a BR when simple query of average 2br vs 3br sold will show value of that extra BR on average, same for bathrooms, etc).