Not enough info here to tell for sure..So my 2nd and ultimate goal here is to make sure those who see this post and have dollar signs flashing in their eyes take a deep breath, do their homework, and have a back up plan (and a back up plan for their back up plan!).  

I agree with a lot of what was written here, and at the end of the day there’s no substitute for hard work - you need to want it more than the air you breathe.

.$30,000 in the bank for investing <--- I would prefer to not max this out though.Credit score >800Debt obligation/month $700 plus $1450 PITIAnnual Income before tax - $50,000Short term Goals: To generate $2,000 residual cashflow per month in the next 4-5 years so that I can put my baby girl into a good school and have a little extra cash for trips/breathing room.

Take a breath, and look at another property.

@Kenneth McKeown you may just have to hold your breath until the appraisal comes in.

Bridge job:  A bridge job is a temporary job that gives you space to catch your breath, regain your energy, and provide some low-pressure income, while also giving you more time and energy to work toward finding your dream job/passion.I did the exact same thing last year.

Have enough space where you can organize your items properly and even breathe away from clutter.4.

It’s porous so it breaths just enough and is basically maintenance free for generations.

To emphasize what @Jay Hinrichs said--and yes I'm exaggerating but trying to drive a point home--you basically need a permit to breathe in this city. :) Do contractors (and homeowners) do construction work on their home without them?

If there are some tips, and stories out there of how to breathe new life into this unit kindly share.