You will likely be greatly enlightened as to what numbers make sense and things you might not have thought about.Building MF now is late in the game for the cycle.

There is a finished third floor that is not a legal unit.

The new decking needs to be finished (which is in the process of being complete.)9.

The new decking needs to be finished (which is in the process of being complete.)9.

Either it's really, really run down, or you are estimating finishes that are too nice for the area.

We just finished up a messy eviction and intense remodel, but it's back up and running now. 

Is it too late?

After I finished my time in the Army I purchased a Quadplex through a combination of owner financing and a significant (significant to me, probably pennies to most!)

Value adds are increase rents, convert owner utilized sheds to tenant rentable space, decrease property taxes, shift some utilities to tenants, late fees, application fees.I agree with your statement about paying themselves more if they wanted too.

Pro -  You have no mortgage obligation every month so there is no need to freak out every month  a tenant is late with the rent.Pro - You have no mortgage obligation every month so there you don't feel pressured to rush to fill a vacancy with an unsuitable tenant.Con - You have no mortgage obligation every month so there is less of a tax write off and you are more likely to pay more taxes on your rental income.