There may have been some negligible settlement of the interior footings as well, but it is not noticeable from walking the floor.

About your questions: 1) $700 a month in one of what we call a "popular rental area" is possible if you have a property with good curb appeal and a great interior rehab.

Then go to as many REO properties as you can and practice your skill set.Here is some more info that should help you: Break up the home into sections - Kitchen, baths, flooring, paint, stucco, landscaping, plumbing (including fixtures), electrical (including fixtures), HVAC, interior doors, door casings/baseboards, windows/sliders/front door, roof, foundation, misc., and garage.Once you know what the common costs are for each area for a specific size home, you can see how easy it will become to walk in and walk out 15 minutes later with a rehab figure in your head.

Also, it seems stupid that the condo interior costs more than fire on a single fam. dwelling.

This isn't exactly true for NYC construction - I will assume this is a townhouse by the size of it - in NYC, gut renovation generally refers complete interior renovation, while the exterior remain intact.

I update the interior with a timeless look and the location of the property made it even more desirable to potential buyers.

Ohio 4 plex : Purchase price $106,000Paid cash 106k Currently rented at $2,050 Property Tax: $210/MProperty Mgt: $200 Insurance: $100/MTrash: $85 Water/Sewer: $200Vacancy: $200Maintenance $200 Capx: $200 (interior completely renovated, roof in about 5 years) Net income: $655 (on track for 8% this year with a few minor adjustments) I plan to do some minor exterior remodels, including paving 4 parking spaces in the back for the tenants and bring rents up to market at $2,250 within the next year and sell to get into a larger multi family.

A few interior shots: 

I've got MLS access, its a big help because you can see the interior pics of the recent sold comparables and such, but the other sites (Trulia, Redfin, Zillow) have enough info to have an idea what something is worth.  

Let the games begin...less than 3 weeks ago I moved out of my private residence to put it up for rent, and I have already emptied it out, cleaned it, painted the interior that needed to be painted, and even hooked it up to county water (was on well, and was very hard water)!