It will likely remain a rental forever unless you can add a bathroom to the master.

Hello Diana, to answer your first question, if the comps are the most recent and have similar square footage, bedroom and bathroom count, same style...etc they it should be close.To answer your second question, PM me with the details on city of the property, what you are looking for as far as cash out, what you believe the value of the property is, what date and year you purchased the house, and what was the purchase price. 

I plan to spend a good chunk of my money on the remodel of the kitchens and bathrooms which will make the higher rents more realistic. there is no rent control in the area as far as i know.

Eventually I would like to do a further addition to make another bedroom and bathroom, but my concern is that when I get permits to do so will I be stuck with paying back taxes on the non-permitted addition if they catch it?  

The home is currently a 3 BR and 3 BR home with 2 bedrooms including a master with a private full bathroom connected to it.

The kitchen, bathroom, and floors need updating in all the units.  

Have built in equitySounds like an additional bathroom would complete the triangle.  

The official report comes in next week which I'm told will likely have more.1) Electrical in the bathroom is off and causing issues with the lighting and exhaust fan. 2) There needs to be smoke detectors in all 3 berms.

From what I’ve seen so far, both kitchens and bathrooms will need rehabbing, new electrical, outside paint, etc – I’m estimating around $30K in rehab, but of course this is subject to change.My Question:Let’s assume that the house does in fact require $30K in rehab and the seller is willing to come down on the price significantly (because he knows there’s a ton of work required, he just doesn’t want to do it) – let’s say we agree on $190K.

Reno wise:MINI- keep kitchen cabinets and restain, new countertops, new appliance, new floors, etc.MAXI- gut kitchen, brand new cabinets, counters, appliance floors, etcMINI- reglaze tub, replace floors, clean and repaint tile, etcMAXI- gut bathrooms (2x), tile shower, glass showers (master), etcetc....and so on..What to do what to do?