Knocking out the drywall would allow you to easily rewire the place, easier for inspection, fix any issues with framing or rotted wood, add insulation and correct any other problem that may exist.

For these limits, please see the following charts.https://www.irs.gov/retirement-plans/amount-of-rot...

Needs painting and some dry wall fixed, I noticed the skylights seem to have paint peeling and little black around the edges, may need to be replaced.

That looks a little dry or plain...the honey dripping off the side gives of flowing vibe, will push off a sense of cash flow and prosperity

Moisture build up on windows, frames, and sills will lead to mold if these areas are not kept clean and dry.

In fact I have an active listing like that in Hull, MA.It needs a new kitchen, new bath, wallpaper stripped, walls painted, floors refinished, wood rot fixed, lots of landscaping. 

We ID'd the issue, the tenant stopped using that bathtub temporarily and we put a commercial grade dehumidifier in that bedroom to dry it out. 

I don't know Albany, but the deals in Syracuse are drying up - presumably because out-of-towners (no offense - I grew up there, but am now an out-of towner myself) are coming in buying properties at too-high prices.

$ 150----------Gutters cleaned 250---------Dumpster----- 2,200--------6 Trees cut down1,000---------Rail Road Ties for back Retaining wall for Drainage Problem1,000---------Drainage Man"s Labor (He will be there in next few days)1,000---------Electrician (almost finished)500---------Electrical Fixtures 2,000---------Painting (after the Dry wall/ceilings are finished) 60---------Gallon of Cat deoderant$688------- Boilers 688____________________________________$8,848_______Total We have added 2 boiler to the renovatipn at $366 each for a total of  + 688  Total  $8,848

Also, in theory, one can have 100K/yr passive income but a networth (assets-liabilities) of only 100K (with a bunch of debt), and is likely to go broke and lose all networth if passive income dries up due to situations like Covid-19, Covid-20 and s on....