His statement would probably be more true if you demo and rebuild an entire house and you're paying bust-out retail for labor.Just remember what I tell my kids - all generalizations are wrong.#3. 

In fact that was part of the fun, I wanted to learn more about engines and how to maintain them, within 6 months I had a failed cylinder head and had to strip the engine down to the bones and rebuild it.

I appreciate the advice, my obstacle is no money ( not able to borrow even from family and friends ) and my credit is poor at best, however I am working to rebuild my credit. 

Thank you very good information yeah the plan is if I get it at the right price to tear everything down to the studs and do a fresh rebuild at that point I will be able to see all wiring and pipes.

Your solar energy would come in beneficial in the income approach or rebuild approach but probably won't bring a ton of value in the sales approach.

You may be able to find a multi-family (in this group) that meets your desired criteria.If you do this and spend the upcoming years rebuilding your credit you will be in a much better place than today.You just have to remember that this is "just a season in your life".

Is it cheaper to tear down and re-build? 

Also, appraisers usually take both into account (they also look at rebuild cost which is how insurance companies value the property they insure) anyway but lean heavier on the comparable sales data to determine their number.So really the only benefit you would get from an income based appraisal is if whatever you are buying is has wildly higher rents and much lower expenses for some reason.

One is how much you have invested in the property and if you would forgo the expense to rebuild the property if it. 

My concern is to ensure I can rebuild if the sucker burns to the ground.