You can also look for active rentals in your area or similar properties based on bedrooms, baths Square footage and amenities to get a good idea of what your house should rent for.

Proposed sales price: $300,0002 units are 2 bd 1 bathmain floor units are 1 bed, same square footage, just larger kitchen and living roomsLeases are month-to-month and $850 each for all 3 units currently rented. $2550  total monthlyTaxes were $2k last yearOwner has owned for 2.5 years and is moving out of state, was living in the now empty unit.Purchase would be owner occupied either FHA or conventional.

square footage of space?

The issue I have is that because the Condo is all electric, the bill in the colder months is beyond outrageous for the square footage(around $$450) last month.

Sorry, I should have put the square footage the $320k hoa 220 is 867sq ftthe $595k HOA $486 is 1420sq ft

We picked the house up for 235k from a wholesaler and houses with similar square footage on the river have sold recently for $450k on up.  

I tell all the wholesalers that I deal with that all I need from them is the address, the number of beds and baths, and the approximate square footage, as well as any info on known repairs needed.

Only in recapturing square footage for resale in this specific scenario. 

Building additional square footage will run $350-$500/sqft depending on your choice of finishes. 

Assume you can turn your $110K asset after selling costs into 3 Memphis units that each cash flow $200/month after realistic PM, cap ex/maintenance estimate, and vacancy estimate (a bigger challenge than it may seem because maintenance and cap expense do not vary that significantly base on the rent as much as the unit profile (number of bathrooms, square footage, etc.); cheaper rents have a higher percentage of the rent needed for cap ex/maintenance.