I have only known George for about 6 months now but his books The Wealthy Code and The Bankers Code are incredible! 

This thread has been incredibly helpful as I've been trying to understand all that is involved in valuing an apartment.

If the numbers work out, since the place already being rented, how would you approach it?

Just encouraging you to explore how you approach this business.  

Lack of professional business approach will cost a landlord every time. 

Here is a quick and simple way to approach it.

this is incredibly helpful and I will definitely look into it . 

I do my best not to mix personal with business, that said, no one on my side of the family really has any money and I didn't even want to approach my wife's family until I had a proven business model that I was successfully executing.

Incredible that you can fit that on .04 acre and still have room for some yard space.  

I'm very deliberate in my approach.