Floor has a slight slope to it.3. laminate flooring was put in incorrectly 4. stress crack along with minor water damage on ceiling and walls5 new roof6. no appliances 7. the washer and dryer connections are in the kitchen8. has no central air (95%) of the houses in the area have it 9. need landscaping 10. gutters11. wall trim is in pieces12. some paint since im sticking to white ( very popular in the area)13. doors need replaced14. full remodel of the bathroomAlso the furnace and water heater are exposed in the bathroom (looks very weird) and it does have a garage or a basement but crawl space.

There is not enough numbers there to give you an answer - but you will probably be paying 400 in mortgage, then taxes( looks like probably 200/m), water, sewer, maintenance, insurance, utilities. throwing a rough number out there i would say you probably would have about $900 / m in expenses, so you could make $400 / m. can always try and negotiate a little lower to make a little more.

@Michael C Gregory  that is not a lender that is a theif... pure and simple.one thing I think folks really need to understand.. there is 1 point and 5 % money  but this is ONLY going to happen with a federally or state chartered bank that gets to borrow their money from their depositers or govmit.. so their cost of funds is 2 to 3% its how banks make money loaning money. there is no fantasy land of lenders out there that are going to give investor loans at those rates..

How many occupied lots , are you getting any homes , what kind of sewer , what kind of water supply ? 

At renewal time, if I offer 1 tenant a renewal at $990 per month, since to me they are pure profit, but offer the other tenant a 12 month lease at $1100 per month, to cover the $100 of my time I waste on them, could I be sued for discrimination?

Is there a requirement for MFU to utilize public water and sewer and does said land have access to these?

sounds like a good deal, 7700 potential income, you would have about 380,000 mortgage when done (1800 - 2000 / month payments) then figure in your taxes, insurance, maintenance, PM, water / sewer, garbage and any utilities you may pay. keep the current tenants in so you have some cash flow and renovate each duplex and fill them one at a time until you do them all, this will keep your expenses down while building up the income, just let the people who will look at renting the new places that the rest will look the same, so they know they wont be living next to places that need work and not taken care of.

We have three water bills from the Water Department, Malden, MA.

Sewer and water lines are THE HARDEST problems to identify before during or after purchasing.  

Gross Scheduled Income: $12600Expenses (Maintenance, Management, Taxes, Insurance, Utilities (water & trash paid by owner), Landscaping, Common area electricity, CapEx, Vacancy, Internet for complex, security, etc.): $6400Debt Service (5.5%, 20yrs, 80% of cost): $3700Cashflow: $2500Annual COC: 17%I want to make sure I'm considering everything but also don't want to get stuck in analysis paralysis.