Unit SF Bedrooms/Baths Monthly Rent Annual Rent Retail 750 $ 1,900 $ 22,800 Lease expires in 4 years 1 - Duplex 750 Duplex $ 2,600 $ 31,200 Gut renovated with private backyard 2F 750 3BR/2Bath $ 3,200 $ 38,400 * 2R 750 3BR/2Bath $ 3,200 $ 38,400 * 3F 750 3BR/2Bath $ 3,200 $ 38,400 * 3R 750 3BR/2Bath $ 3,200 $ 38,400 * Total 4,500 $ 17,300 $ 207,600 *Vacant - rent project after renovation REVENUE: Gross Monthly Income $ 17,300 Gross Annual Income $ 207,600 EXPENSES: Real Estate Taxes $ 8,394 Gas/ Heat tenants Electric $ 1,679 Insurance $ 3,375 Water/Sewer $ 2,700 Maintenance 3% $ 6,228 Management/Vacancy 3% $ 6,228 Total: $ 28,604 Gross Annual Income: $ 207,600 Less Expenses: $ 28,604 Net Operating Income: $ 178,996   Any and all input is greatly appreciated, Thank you in advance.   

I would think the target buyer would be much more in the investor camp.So if it was me doing the comps, I would try to find 3-family properties and see if I could establish a rough value from them, and then discount by, say, 10-15% for the fact that 2 buildings on one lot is unusual and there's arguably twice the maintenance (two roofs, two heating systems, etc.). 

We had 3 heat systems and 2 water heaters replaced in 12 months with only 6 units.  

Here is an example from our rental agreement that outlines some of how we do this:MAINTENANCE OF PREMISES.Landlord will maintain all electrical, plumbing, heating, and other facilities and appliances supplied by Landlord in good working order.Landlord will perform periodic inspections of the premises, no less than once a year, for the purpose of property maintenance and repair.Landlord will notify Tenant in advance of the inspection.

I did just finish installing heat cable on the cold and hot water running from the house to the laundry room. 

The owner told me she is willing to go down in the offer (she knows that needs work) AC&HEATING, electrical, Plumbing and fixture, Crawl Space, roofing and attic.I got an estimate from a contractor and he told me around 30k-40k for the rehabNot sure about my number but this is what I got ARV= $ 130K-140K could be more but I'm a little conservative! 

We are considering running HVAC the second floor from the first, because currently it only has baseboard heating no AC, so that wouldn't be too hard to include the bathroom!

I don't think there are any GOOD - AFFORDABLE CONTRACTORS in Baltimore - if they are good - they are not affordable --- if they are affordable they are not usually good.I just finished a development on Charles Street at a cost of $1.1 MM - it should have cost $900,000 - contractors have a way of getting all the juice they can from a job - they are always finding something that the owner or they have missed.You might want to price out every stage of your renovation - heating - drywall - electrical etc. and learn to act as your own general - my son has been doing a  program called FreeHabbing - it is a professional approach that solves the two most common problems in real estate renovation: 1) where to get the money to acquire real estate, and 2) where to get the money to rehab. the property.A bad contractor can drain you bank account and demotivate you.

That would be my 5 year plan. 11 heat pumps are going to need to be replaced very soon, and that is $2,600 each.

How much is finished and heated below grade square footage going for in that subdivision?