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I choose to do what I can to help the situation improve.  

This will just bring more traffic so there will be some infrastructure improvements in that area..

Do you already have access to that $400K? 

I haven't seen anything in my price range ( We have about $60k to invest )  but I don't have access to the MLS so want able to explore what's really out there.

I also have access to both Costar and Reis, which can help you with rent comps in the area. 

I let her out of her lease at the end of the month (3 months early) and in exchange asked that she keep the house clean and allow me access whenever needed for showings, beginning immediately. 

Don't underestimate the costs for the ROW permit and public improvements - you'll be obligated to do everything your property touches and bring it to conform to current standards, including alley if it's on one.Fire and sound separation codes are much stricter now than when much of our local apartment stock was built, so that's another thing to watch out for.

Are the rents at market, and is there any room to improve so you can get to that 700 mark and basically make it free to live in the other unit? 

The improvements done to this unit can be added to the basis of the property.