It doesn't seem that much more complicated to build and with that you have a nice new building with minimum maintenance and repairs for the first 5-10 years. 

With all expenses such as PITI, vacancies, Cap Ex, repairs, and MISC will be around $3400.  

With all expenses such as PITI, vacancies, Cap Ex, repairs, and MISC will be around $3400.

With repairs... lets say $40k into it?

He also "bandaided" 6 of the other repairs.

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Make sure to factor increased turnover, high repairs and maintenance, and bad debt into your analysis.

So the property is paid off. but the entire policy 650k was not paid out completely and the property damage repairs have not been completed.

Perhaps you could have a real estate agent appraise it and give you an idea of what to expect if you sold it in its current condition and what you could get if you found a way to make the repairs.

You will likely also be dealing with tenants who will call you for every little thing rather than an A/B tenant who has no problem doing minor repairs themselves, because for them it's more of a home rather than a rental.