He's sitting at home waiting for a paycheck from me.Anyone have a formula or calculator for this? 

Numbers looked good on the Biggerpockets rental calculator.

If so, then I would have to calculate the value of the property based on its current numbers rather than comps, correct? 

If so, i bet they would like to continue to earn your business via new acquisition purchase commissions.

A structural engineer would be your best bet to have a look. 

It only depends on the numbers. based on costs you should be able to calculate your profits going in regardless of the property condition. assuming the purchase price includes the discount for the cost of drywall you should easily determine the exit numbers.You make your profit when you buy and realise the profit when you sell. 

I just posted about putting together a calculator I've been using to try and help compare various options.Thanks again.

At that price you could do a nice house in a good school district with good tenants  Even if you have lower COC it may be worth it to avoid capital gains, but this just a calculation with your tax pro. 

I have been searching for properties in the boroughs but have decided our best bet would be to start searching in Jersey (perferably close to midtown) as properties in Jersey seem to be less expensive for a 3-4 multi family house.

You can create an IRR calculator in excel which definitely read about as the IRR function is best if only basing it on yearly inflows and outflows.