For example, the tenant removing the smoke detectors or installing non-opening bars across the window.

They are fully furnished with the attached one with a bar/kitchenette, a private bathroom for the both of them, and a shared laundry room with the main house.

Quote from @Omari Alfred: @Sam Kahl Thanks I am going for value added opportunities I will take neighborhoods / Block / streets Intersections Areas young professionals are buying Open to buying something in a more expensive area that not updated I can do the more in depth research but I need some keys locals always know best Fells Point/Upper Fells, Canton, Federal Hill (more of a bar atmosphere there), or somewhere like Hamden/Woodberry/Remington for a slightly different feel from the harbor areas.

Another was at a bar, and his drink got spiked with narcotics. 

@SebastianBock Yes I hear you, it seems quite a high bar to get into the first multifamily in high cost areas such as yours and around here.

It is good for a check to see how off the calculated number fairs with the actual number, but that is it.The reason I don't believe in an equated ARV is because there are some things you can't measure.If the subject house is next to a cemetery, or a loud bar, how do you quantify that "inconvenience" into an equation?

Click the address bar of your preferred web browser, go to Amazon.com and purchase the book.

Does anyone know a contractor in the Hudson County, NJ area that can quote me to remove metal/Iron bars from several windows in a Multi-family home? 

Lots of higher end bars popping up and new spec home builds.

Also remember, barring a unique situation with your property, someone will always rent it if the price is low enough, so do your homework on what the expected rent will be and get it at a price that allows you to pay your mortgage and other cost even if you end up having to rent it for a little less than the market rate.