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There's labor costs and permit costs etc. that adds to construction.All I know is in Texas, construction costs used to be $45 a sqft in 2009.

This information is then available to the public for verification purposes in order to ensure that landlords are not raising rents more than permitted under the Rent Control Ordinance.

Utilities, any pending or open permits, is it zoned properly, when was last inspection by the city for rental license renewal done.  

I would actually prefer a place where the kitchens and baths need to go, of course it must be reflected in the price, and definitely no major issues like roof or structural or anything that would need permits or contractors...

Typically we do not change the city of Milwaukee SOW numbers.Majority of the time investors perform renovation little lower than city of Milwaukee numbers.Example: City of Milw SOW estimate $17,000                 Client completes renovations for $15,734Most importantly investor should calculate permits need and your time for renovations.The current list is more geared towards local investor or excellent boot on ground team.

 I would go to the building department and just explain what you would like to do and say to them that you would like to get their opinion. they will not come down on you, especially if you are upfront with them and seeking advice. some of the work may fall under the rehab code and not need permits or updating the house to current codes, especially if you do a little at a time ;) . if this is a flip, then you will have to do all at once and bring things up to code. replacing mechanical may bring up code updates, but only subject to the equipment, not the whole house.

Did you verify that he was licensed, insured and pulled permits as promised?

The rate may depend on your credit profile, but I would start with feeling out the seller (explain whether 3%, 5% or 7% they are getting much more than money sitting in the bank and have a secured first mortgage)....Plus, as a bonus, really explore whether you could (I know it sounds counterintuitive) undergo work to make it a  4 unit--possible addition by subtraction renovation (with all permits and licensed work) simply because this allows you into a much wider range of financing and buyers....

No access to the property is permitted .