It was already rented, I met all the tenants and somewhat “reassesed” them as tenents to see if they were someone I felt comfortable with.The property is notin Des Moines, it is in Fairfield a town of 10,000 ppl 2 hrs hours away.

The financials are as follows:TSP(Government 401k):  approx $40kInherited IRA:  approx $115k (withdrawals affect taxable income levels)Cash:  approx $10k (recently paid off ALL consumer debt including car, so building this up at a rate of about $2.5k/mo)Precious metals:  probably about $20k worthReal Property: 4 houses#1: Single familyCurrent Mortgage: $163k (PITI = $970/mo)Estimated Value: $160kRent:  $1195/mo#2: Single FamilyCurrent Mortgage: approx $140k (PITI = $1088/mo)Estimated Value: $200kRent: $1385/mo#3: DuplexCurrent Mortgage:  approx $120k ($1120/mo)Estimated Value: $165kRent:  $825x2 ($1650/mo)#4: CondoCurrent Mortgage: $60k (PITI+HOA $853/mo)Estimated Value: $80kRent:  $850/mo  (I rent this one to my sister, so this one is a wash)So my questions are...

Prospective work list: probably 5 sheets of plywood for floor repairs, 5 or 6 windows (to get rent ready; eventually all will be replaced),  2 new metal exterior doors, some ceiling repair, probable complete replumb, all floor coverings, complete bath reno, new refr, exterior paint.

Because it was more of a commercial building before, all the ductwork is in the ceiling, the ceilings are the typical florescent lights and particle-board-ish squares you see in offices, and the bathrooms are small with those classic tiny, heavy white sinks with ugly faucets that you find in other commercial buildings (where you can see the metal piping underneath)Has anyone tried to renovate a building like this?

For example: I had an applicant that met all the criteria for himself, and his girlfriend and son were also going to live with him.

New exterior, Roof, Kitchen, Bath, Hardwood Flooring, Granite, Deck, A/C & Heat, and Hot Water Heater.im 33 yrs old and I have a w2 income and net $50k a year. i also just started my own small business (metal fabrication shop), but it is not profitable yet.  

A lot of hvac systems use flex ducting and those are pretty easy to T off of since no sheet metal work is required.You will want to do some more research as the county may not consider your conversion a 4th bedroom unless permits have been pulled for electrical and/or mechanical.

yep new line-sets, condensers & evaporator coils get very expensive.we have a couple that we're just keeping alive but it's inevitable.

But let's assume the building met all of my qualifications and I wanted to move forward.Generally speaking, what does the profile of the buyer look like?

On my other house in the back, I had just one lock on the security door, and one on the sliding glass door.Re-setting the metal door requires a LOT of work, and he already installed a nice doggie door for me at no charge.