The bottom line is that EVERYONE knows people with money to invest.

I don't care to remove every single wall and gut it from top to bottom, if the plumbing and electrical are OK I will keep it.My whole gut renovation thoughts were based on making it look as nice as possible while minimizing energy and water bills as this building is a half hour outside of Manhattan so utility bills can get wild.I'm focused on doing the following:-Installing new energy efficient windows-Wrapping pipes to lower heating and hot water costs-Installing a high-efficiency gas boiler-Putting on a new roof-Installing low flow toilets, showers and faucets-Ripping out sheetrock and double insulating the walls that are most exposed to the elements.I'm not sure if that qualifies as a "gut rehab" but I know the scope of work is significant.I'm just assuming it will take around a month per unit to put in 6 new kitchens, bathrooms and sheetrock and put in the new boiler.As to the layouts, I'm working with the city to get a chance to go in and take a look but I won't be changing the layouts.

What are the easy things to fix that will change your bottom line and staright to your 10 CAP?  

You could visit it once per quarter.If the rent is sustainable for you to hold on to the property, you might want to keep it as a rental.On the other hand if you don't have the wherewithal to manage it remotely, then, hang up and move on.Ironically enough, one day you might reflect on that podcast and say if you had only adhered to it :-)The bottom line is that there is no wrong or right answer to your question.

The bottom line is you made a very wise choice investing in mid city and will reap those rewards for years to come.

But if we add up the bottom 5 numbers from the list above, we get $244,000 in total charges for the project.

I'd actually been watching the market there for a few years, and while I know we missed the bottom, I'm happy with the property we bought. 

Welcome to the BP community.I picked up on your adjective, nice and hasten to warn you to do your due diligence.The bottom line is that you must make this decision based on your head and not your heart.On the other hand, you don't want to have your Aunt turn her wrath on you for miscalculation :-)Good luck.

Every seller has a bottom line.

a top and bottom duplex for sale...