The property is a block from the closest metro station and my most recent and best comp was purchased for $530k and in three months sold for $1.3M one block away.

And income/expense estimates from brokers almost never include vacancy, cap-ex, legal, management, etc.50% rule is closest to my personal experience where I have multi-family units are not separately metered and I pay most/all utilities.

If the walls are sprayed you take the first layer of drywall off closest to the floor.

I live in Venice Beach and my closest property is 2200 miles away from me, and I love it.

Typically the seller sends out a letter to the tenants introducing us as the new owners, and I give them a letter (usually during the walk through the day we close) stating that we are purchasing the property with our contact info, how to pay, and letting them know their lease is still valid.  

They make "Sharkbite" style ones that slip on over copper, PEX or CPVC piping so you don't have learn to sweat pipe or buy PEX tools.There's a million other possibly needed tools and parts, so get to know your closest stores and their hours.

Current rents are on the low side of average for the area.The plan: There are some key issues I’d take care of right away such as adding doorknobs to the interior doors (they currently push a steak knife through the hole where the knob used to be), and some other mostly cosmetic issues (I hope- I’ll have a full inspection contingency in the offer).

Get the color that matches the closest and go over the grout with a toothbrush. 

I have a family of 4 and I am a general manager of a steak house in DFW.

I just pick the closest color/shade.