The interior needs a full restoration.

Are you just putting down the 20%  in cash and financing the rest, or are you paying all cash?

@Dawn Anastasi Do you have a Habitat Restore nearby?

We also had a neighbor have their two family status restored prior to purchase but it had to meet current code.

While your costs should not be as high as a new build, in your shoes, I'd probably budget at $60-$75 per sq. ft. depending on the amount of structural alteration and restoration involved and the level of finish you would be placing in the units.

I would bet blue-sky and “massaging the numbers” were used instead of simple grade school math and the goal of a true return on the risk.

@Brian Sorensen - Something to bear in mind is that there is a vast difference between a renovation of an old house and a restoration of a old house.Renovation is expensive.

The HOA may find it cheaper and easier to restore your mothers services than to spend a bunch of time/money answering questions pertinent to an ADA compliance investigation. it may lend itself to restoring the necessary services to your mother.

Started with paint and carpet rehabs and now run a construction company that does everything from Paint and Carpet to new construction and historic restoration.

Later in the article, the numbers are massaged to reduce it down to around 500 or so.If some in Washington get their way, more troops will be deployed back overseas.