Problem is given current condition, no room to wholesale or even buy myself and have any equity. 

Originally posted by @Davin Searls: Any spending on a rental unit is typically to get it in a 'rent ready' condition.

My air conditioning went out last year and after calling two companies both told me to replace my entire unit. 

It's subjective more than objective.Depends on the area, park or land, condition, etc.

What condition?

Students must live in campus approved housing for freshman and sophomore years, and junior and senior students with scholarships are also required to do so, however juniors and seniors without scholarships tell me they are anxious to live "off campus"Since apartment is one block from university, students can walk to campus, saving them parking permit fees.Additional income could be had by putting in coin laundry, soda/snack machines, and renting out storage units in basement as well as garage space.I have a friend that currently is the maintenance man for the entire university, and he is questioning students as to how much rent they are paying to live off campus currently.OPTIONS:  Rent furnished apartments to 4 students per two bedroom and two in basement unitRent furnished apartments to 4 students per two bedroom and create common area in basement for study/recreationRent all units unfurnishedOption to raise rents by including all furnishings, cable, wifi, cleaning service etc. with them simply paying rent and electric.FINANCINGtax value (not market value) 105,000Taxes $2,200 with no exemptionsProperty currently has a 30K mortgage left of a 55k loan previously taken out to "give first child his half"Owner, due to age is most interested in payments, and leaving remainder to 2nd child for "her half" Owner has expressed the following offer :30K to pay off current mortgage, and 250K to purchase an annuity that would pay $10K/year for his and his daughters lifetime.In its present state, I question whether the property is able to be financed FHA due to condition, though it is a solid building, the maintenance has been deferred.comps on property are practically non existent.MY SITUATION:I have perfect credit, and am about to flip a seasoned home with no mortgage and expect to clear approx. 70K.I am single, steady long term employment, and have no debt.I have a realtors license in inactive status, and have hands on experience with major property improvements.I am a "Dave Ramsey" girl, and debt makes me quiver...  :-)Note: Property is currently in a Life Estate Rev.

That way you can get a OO rate and essentially live rent free.

When and agent gives you market value they generally are not giving you the market value for your specific property in its current condition.

You can build your mental database of various property conditions, approximate values and area trends.

The sole purpose is to identify and acquire 4+ bedroom properties to rent to college students and collect rent per room (research shows that rooms can rent anywhere from $400-$600 depending on size and condition of rooms/home).