I am almost finished with a warehouse renovation in Mt.

The issue I see with this is the old housing does not really work with modern living, so such a renovation allows for an older house to be reinvented to better match modern needs.With that being said, current new duplex design should be solving alot of these issues. 

Around my area:C-Class property $40k-$60k per unitB-Class property $60-$80k per unitA-Class property $80k + per unitMaybe you're paying cash, but if you're financing $1M budget will put you at around:$200k downpayment$50k broker fee$10k closing$740k for the property  / 20 units = $37k/unit@ $37k/unit you're definitely looking at C-Class property which means there may need to be some renovations.

I have had Medicaid question the sale of a house retrospectively, questioning the sale price because we bought below FMV, however, a letter explaining the price based on the “as is” condition of the house and the expenses required for renovate to get the house to FMV was sufficient.

Meaning in 30 months after you buy it you must put in AS MUCH in renovations as the property cost. 

The area is starting to build up and there are quite a few properties that can be swept up in the area if you have the cash for renovation and the resilience to stick through the transition period.

Do you mean down to the studs with new electrical and plumbing or are you just talking about cosmetic renovation with new cabinets, flooring, etc. 

I have never done construction from the ground up but I've done lots of renovations and know lots of people.  

If you can't swing moving in then I would look to get private money for the renovations.

The home is one owner since 1955 with minimal renovations so will make for a drastic change.