They don't blame me for buying it (this is before actual auction), but just kinda upset at situation and blaming each other for it happening.I find out that roof, a lot of plumbing and a small addition have been done about 2 years ago.

The 4 plex is an all brick, 2 story building with a covered back patio shared by tenants and the roof is 3 years old.His starting price is $285,000 to which he expressed that he is willing to negotiate as well.

Meaning you rehab the space with new or renovated HVAC, plumbing, lighting, roofing etc.

We cannot start anything until the roof goes on.

Which would take a long time if you're pulling out $10K for a new roof, or something of that magnitude.

However, after starting to look a little closer though, the $1450 included utilities which could be $200-$300 per month easy and then upon driving by the property, it clearly needed a new roof (and who knows what else).  

They all have new roofs, are 3 bed 1 bath, vinyl siding, full unfinished basements, all have the same vinyl tile squares throughout.

On the other hand, some cover all exterior maintenance including roof work which can reduce your output for capex.

Hi Jeff, ARV is a wider range because you have the bottom and middle units which are in the low to mid 400's and the top unit has a larger footprint/roof deck type layout that puts it much higher.  

The entire floor in the kitchen is rotted away do to the roof being in such bad shape it leaked causing the floor joist and sub-flooring below to totally disappear, this is also common in 2 other areas of the house.