If your wanting to Leverage your money, play Monopoly, Hold these properties for a few years until the equity and your down payment matches that down payment needed for a bigger investment you know single family home exchange for a duplex or quad, then hold these for a few more years improve your position on them and then once your equity matches that of an even bigger investment exchange them into a 20 unit etc.. rinse and repeat.

I'm young enough to look like I'm in high school (just look at my profile picture!)

You might be able to increas rents by 3x$50 (you live in #4); improvements have to be funded out of the value increase.

Account Closed I just read your Profile and I'm have to say that your stated goal of 3 years to $1M could happen...if that Lottery Ticket comes in. 

If I decide to purchase the property, I would remove the tree to open up the backyard and lay out flagstone in the backyard and improve its overall appearance. 

As you probably know, mid city has come a long way and continues to improve.

To answer your questions1) I think that with the area especially near the local medical school and looking at comps in the area another 10% with minor improvements (Paint, minor bathroom/kitchen changes)2) Great question I did the 70% rule minus rehab for that price.

I have the full story posted on my profile if you wanted to check it out.

You can find a link to my page under my company profile.

Overall we agreed to pay off their back taxes and let them stay in the property for an unspecified period of time (we estimate 2-3 years at least) for $450 /month and they cover all repairs and improvements to the property along with their own utilities.