I agree with Phillip's advice and just to add, sounds like the properties used as comps are probably different in style, if you have better comps take pictures from the street of the comps used and pics of your comps to show the lender.

Read through this forum and pick up some books on the fundamentals of real estate investing so you can get a good look at all the different styles and methods of investing.

Comes out to about $6500 for a 1700 sq/ft ranch style home IIRC.I was quoted $3,500 to replace the roof on 1,000 sq/ft 2ba/1ba rental I have.

That means a buyers market.A house that old will have some environmental issues, lead paint, asbestos in flooring tiles and maybe in the insulation so demo couldbe expensive, so could the rehab.

I end up getting investors that whine like retail style buyers.

Since a 5 unit is probably odd for comps I'd suggest you look at tri and four plexes and up to 6 or even 8 unit properties that are most similar in location, style, rents, condition and age then make adjustments as needed on a unit basis.

There are a few options for you, depending on your time availability & learning style.

We have another lot in Capistrano Beach, where we will build another house, different style.

I decided to go into rehabbing homes because that fits more my style plus I like the challenge of taking an ugly house and making it better for everyone involvedI want to tell you that I have known  a Real Estate agent and he is like a faraway friend, (you know a friend of a friends but he's also your friend but not close) So anyway, to my surprise he has been finding homes and assisting some rehabbers in my neck of the woods.

Other issues with the elevator is that it is a small, (old style) elevator that would not meet code today.