If you are strictly wanting to practice calculations, then, you could use sq. ft. and apply several different price metrics.  

I live in Topsham and have an accounting practice in Brunswick. 5 years of analysis is a long time!

As you add money to the deal through capital improvements, repairs, etc, etc, your COC return would come back to earth but still be very large.

Unfortunately the seller also agreed in his lease and with them to let them take any rental improvements that they made  they also got $1800 worth of rental discount for these during their tenancy, and that the property was appraised with these.

Landlords in Allentown, are you noticing your improvements to generate a higher quality tenant, or is it hard to not be a slum lord in Allentown?

worse thing you can do is exactly this  HELP i got a LEAD and don't know what to do .I think people that do this are getting the cart before the horse.much like learning to fly  its easy to take off but yoiu need practice to land.

. (-;  I can't speak for others, but a good securities attorney will help you figure out the cheapest and most practical way to do your deal and then offer you services that meet your needs, versus trying to jack the services to the highest fee, regardless of what the client needs.

What about the improvements to the basement, including kitchen, separate entrance etc? 

My property manager is practicing real estate without a license in California. 

In general, I would suggest repairing the rented unit when it is rented now because once you move in to renovate, yes the improvements are added to the basis, but repairs are not ( there is one exception) Although there is a rule that when you are improving the personal residence and there are minor repairs done with the improvements, those repairs can be added to the basis, but you would benefit more doing the repair now while it is rented to get a tax deduction right away rather than adding to the basis.