Our plan is to divide it into two sections: a 3/4 bath with a small standing shower (32 x 32) attached to the master bedroom, and a guest bathroom with a full-length tub (60 x 32), totaling around 40k for the project.

There're lot of family that rather renting as long as their kid is within this school district.and here's another story, this is a condo that was 1.2 mil in 2016 and recently sold for 600k-ish in best location in the world (for the homeless lol) :https://www.redfin.com/CA/San-Francisco/1075-Market-St-94103... so yea, school district and local gov. has huge impact of condo appreciation (and de-appreciation) lol also if on want sample of condo complex that the HOA is simply broken and the homeowner is basically wiped out, there're bunch of them in Concord. 

So we basically try to build a golden cage for them, door is open after the 1 year lease, but they don't want to leave.. 

Gals and Gents,I have read a lot in the past BP articles and listened to many BP podcasts, it's a pleasure becoming part of the crowd.Let me introduce myself, I am active in the NYC market, I buy a lot of class C properties rehab / convert, rent them out, I have done rinse and repeat many many projects and I am seeing nice returns, not always fully recoup my full investment but I am generally finishing all in at around a 9 or 10 cap!

. $4800 cash flow is projected when the final 2 units are rented.

There have been some negative news articles recently accusing them of preying on people in lower income neighborhoods but by reading them you can find the basic process. 

The high bid premium is basically a penalty you pay the day of the tax sale.

Basically I have no idea where to start and have no idea if my estimate is even in the ballpark.

My thinking is that as long as the yard looks like a yard and can function as a yard (ie. junk-free, has grass & dirt), then it doesn't make much sense to invest heavily into landscaping like re-sodding or other projects.

You may want to consider buying something ready to move into instead of a rehab project just to make it a bit easier on yourself, especially if funds are tight.