@Sanchit WadhwaWe use a traveling notary to do closings at our kitchen table in the evenings after work.

In order to make the deal profitable on my end, I would want to remove the kitchen in the third floor, leave the current 3rd floor bathroom and bedroom and legally combine it with the 2nd floor unit via the existing stair case making a 2-floor 3 bed 2 bath unit.

New SOR 33" 'farm' stainless kitchen sink $125 included the drain, cutting board & a stainless sink grate. 

And last point - the only concern that I have with refi'ing is that in MD (specifically Baltimore) we have to pay transfer and redecoration tax on re-fis to the tune of 2.5% for investment property.

My initial thoughts are they don't have much privacy and the kitchen is a bit dated. 

Kitchen/Appliances?

Gifts are for friends and family, not clients.As for teaching your children about giving, we have worked a soup kitchen, we have donated gifts to Angel Tree, we give whenever we can.

Food, toiletries and cleaning supplies for your kitchen and bath will run you about $100/week.

You could open up an adjacent bedroom to a kitchen and have a 50K budget and it could easily take 8 weeks.Rules of thumb are guesses based on having done similar projects.

Also you could spend your 60k budget on just a kitchen or a bath or two on a house like that.