Seller had indicated that the city said they would only be willing to go up to 35 lots, are demanding park upgrades, and demand newer homes be brought in. 

My best advice is to talk to a local property manager and see what the market is demanding and then assess what upgrades you could do.

If you are upgrading HVAC and have a relationship with installer or distributor be sure to ask if they have any scratch and dent.

These don't have anything to do with the sizing, but they do affect the price, and they may affect the rebates you can get from the local utilities for upgrading.  

The cottage looks like it needs work and the duplex is upgraded but has some finishing work as well. 

The strategy that attracted me to the deal was to add value with professional management; the GP brings an in-house property management group with scale in the area.Other strategies:• Enhance curb appeal and desirability by implementing common area improvements and upgrading amenities• Add substantial value to the property by upgrading unit interiors and increasing rents to market rate• Improve the resident profile and stabilize occupancy and collections• Increase income, hold for cash flow for several years and sell as renovated, stabilized asset when the best exit timing is achieved What made you interested in investing in this type of deal?

The strategy that attracted me to the deal was to add value with professional management; the GP brings an in-house property management group with scale in the area.Other strategies:• Enhance curb appeal and desirability • Add substantial value to the property by upgrading unit interiors and increasing rents to market rate What made you interested in investing in this type of deal?

I was figuring 10,000 including new kitchen cabinets and restroom upgrades.

Would be great to make some beautiful upgrades to a brownstone if it’s worth it financially. thanks. 

Are you going to gut the property and upgrade everything?