You didn't verify the rental income before you closed on the property?

Four of the duplexes (8 units) are rented out at an average of $450 per month (FYI, all info I'm giving is per agent and has not been verified as of yet) and the other two duplexes (4 units) are completely gutted and need all work done on interior.

Just put in a contingency for an acceptable appraisal.If your concern is whether it ia good deal put a contingency in for a due dillegence period and ask for all appropriate documents to verify income and expenses.

Did they verify income and call previous landlords for reference?

. $5000Total investment: $30,480Mortgage payment: $530/month (Conventional 30yr at 4.6%)Annual rental income: $21,000Annual Expenses:  Property tax  $1200 (verified through property appraiser website)Insurance $1,200 (best guess)Prop man.$1,680 (8% of rent)Mortgage $6,360Calculations:NOI = Income (minus vacancy)- Expenses (Prop tax, insur, and Prop mgt)         = 21,000- 4,080          = $16,920Cash Flow = NOI - Debt service (mortgage)                  = 16,920 - 6,360                  = $10,560ROI = Cash flow/ Investment basis       = $10,560/ $30,480       = 34.6%Cap rate = NOI/ Purchase price                = 16,920 / 129,900                = 13.0% Cash on cash = ???

@Matt Shields since you buy auctioned properties, how do you verify if they have liens on them?

I will be verifying that by walking through the property, as well as having a certified inspector walk through as well.

I’ve put in full baths for as little as 4K and some over 25k.Get multiple quotes, go see their previous work, verify their insurance and build out a draw schedule that makes sense based on labor and materials.

Its up to you guys of course but make sure the sellers financials are verified. 

(Yes, I know how to vet PMs.)Lots of CapEx in the past two years, mostly updated units.New roofs / new plumbing in most / new HVAC / etc.)Block bombproof constructionProperty has been cranking out greatly increased cash flow each year.2016 - the true net after ALL expenses, management, and repairswas about $800/month2017 - the true net after ALL expenses, management, and repairswas about $1,200/month2018 - so far this year, the true net after ALL expenses, management, and repairs is about $1,600/monthI have actual bank statements / tax returns / P&Ls to verify all of thisMany tenants have been there for 5+ yearsVery low vacancy rateAll tenants current on rentThe negatives:Neighborhood is terrible.