I would consider this option only if I were truly at the end of my investing life and seeking to create an annuity-like income stream through a simpler and more consistent vehicle, saying putting it all in IVV and withdrawing a flat percentage every month. 

Therefore I am looking at this as an opportunity to capture the vehicles now pulling off the freeway as an advantage. 

You need to develop a Scope Of Work that is precise and then start getting prices for all the work.Once you have that magic number, then you will add that to the cost you pay for the house, along with any other fees or expenses...Then look at finished Comps (get a Realtor like @Chris Ayars said) and see if you will make any money......

Its a long game and if done with precision eventually you will have vast financial freedom.

There is no precise formula by which properties are placed into classes, but here is a breakdown of the most common classes, A, B and C:Class AThese properties represent the highest quality buildings in their market and area.

Maybe I'm not seeing the complete picture, but why would anyone buy these multifamily properties just to break even or just make a 3% return and not invest in another vehicle? 

Take a look at Reno, it's is a solid area for rentals because of the limited new construction, tech and manufacturing jobs moving to the area (Tesla, Apple, Switch etc.) along with the lithium loop of mining and recycling to manufacturing batteries and vehicles.  

That's precisely the void we're aiming to fill.

I bought at precisely the right time for cash and it cash flowed beautifully.

Also, try contacting a local appraiser or tax advisor who could provide a precise adjusted cost basis for your capital gains calculation.