I do not have a mortgage on the property but I do have a HELOC on the home and have done massive amounts of work since getting that(roof, hvac, windows, floors, all plumbing, cabinets, counter tops, bathrooms completed gutted and redone and also added 540sq ft detached 1bd 1 bath permitted living quarters .

What does the apartment actually look like...did they just walk out one morning with coffee cups on the kitchen table, clothes in the closet, multiple pairs of shoes, medicine cabinet looking normal, perhaps with toothbrushes still in place?

Current Asking Price: $130,000 - Irrelevant to me - I would be looking for a purchase price of $90,000Costs BreakdownComplete gutting of the house (labor only):                $1000Mold Remediation:                                                           $5000Roof:                                                                                   $8500HVAC (Unit and Ducting):                                                $7000Basement Reframing:                                                      $3000Electrical Rough In/ Updating:                                        $6000Plumbing Rough In (Basement)/ Updating:                  $6000Insulation/ Drywall/ Tape and Bed:                               $8000Interior Paint:                                                                    $3500Flooring:                                                                             $8000Doors and Hardware:                                                      $3000Trim/ Baseboards:                                                            $3000Kitchen (Cabinets/ Countertops/ Appliances):           $10000Bathrooms (3 full):                                                          $12000Lighting:                                                                              $1500Exterior (Paint/ Fascia/ Fence work/ Cleaning)             $5000Permits:                                                                               $2000Miscellaneous:                                                                   $5000Total:                                                                                  $97500An investor friendly realtor that I have been working with and I have pinned the ARV at $260,000.

MF – easier to maintain since all units are together.Note: MF roof, siding, landscaping jobs might be discounted, but water tank replacements, furnace replacements, painting, flooring, electrical, plumbing, kitchen cabinets, etc., might have similar costs for both SFH and MF6-OPEXSFH – lower costs…usually the landlord doesn’t pay for utilitiesMF – higher costs…landlord pays for some utilities7-Property ManagerSFH – more expensive since the properties will be scattered around...maybe with a large portfolio, the costs might dropMF – cheaper, might come with the package8-VacancySFH - tenants with kids and/or pets might be more attracted to SFH’s…decent schools, nice backyard, garage, no noisy neighbors MF – typical for the market if the rent rates are right9-ExitSFH – might be hard to sell as a portfolio…the investor might decide to sell properties individuallyMF – easier to package and sellDidn't consider asset appreciation in this post , however, SFH's will appreciate more than MF's...for me personally, I look at the property appreciation as a nice bonus.

I'm simple in that my favorite part is the built-in cabinet in the dining room.

It looks like you were able to just paint the cabinets and keep the countertops?

Interior paint (including all cabinets), new hardware on the cabinets, new light fixtures, new switch plates, add a moister barriers, clean up the landscaping, and a few other small items.

We found that we could improve our properties by refinishing existing hardwoords and adding new laminate, refinishing cabinets and replacing old windows and storms as they failed-- but that it was just not going to be possible to actually "modernize" the living areas  by taking out walls and improving the kitchen and bath layouts or even to install central air because the "D" neighborhood would just not support the increased rent that would be required to justify the expense.

Possibly lose a little cabinet/counter space in the kitchen or frame out a small closet (depending on your space).

Johann Jells and Jd Martin this is the last place I rented:http://www.moderntake.com/p485481967/h25704cd3This was prefabricated cabinets, granite countertops, laminate flooring, subway tiles, drop in HD vanities and stainless steel appliances.