Should we just grin and bear it and live IN our renovations?

Removal of non-load bearing wall."

They'll be able to steer you through the process.My question would be are you paying cash?

cash out refinance should not have any bearing on your investment property.  

So, you will need to run the comparable market analysis of similar 4-plexes of similar size, unit mix, and nearby comparable neighborhoods, and what they sold for to determine fair market value ... and then you can determine if $175k is a good deal on the property or not ... the cashflow analysis that you have started to put together is also important as it will affect your returns, but it has absolutely no bearing on the fair market value for this residential property.You also want to consider the quality of the tenant base in that neighborhood and the long term historic average rates of appreciation and rent increases ... those are likely not that stellar if 4-plexes are selling for $175k (~$60k/unit); as a matter of fact that is likely way below replacement value meaning that the neighborhood actually has negative appreciation rates.

INTROCraig (aka CDP) has managed renos and the contract process for both himself AND othersHis smart approach = limiting downside and learning from the pastCDP writes down all mistakes to learn from for next timeGENERAL CONTRACTOR BIDDING PROCESSGet multiple bids & compare, and ask for line-by-line proposalsCan have two out of three, but not all → (1) Quality (2) Speed (3) Low CostIncent project completion via an end balloon payment (typically in 10% range)Don’t do cost-plus, instead provide max price for material/parts…keeps costs downGC should get multiple bids for all sub-vendor work, ensuring optimal pricingEnsure GC keeps good records for future auditsHire structural engineer for changes to things like load-bearing walls, etcCONTRACTINGGCs mostly require their standard template.

I don't know if it has any bearing or not, but this property is owned by my LLC, and I have several other properties in which I have done a title transfer into another LLC.

., the steel "bumped" the backside of the beam pocket when it was being placed; the weight of the steel can easily do some damage on an un-reinforced section of wall like that).Time and/or the freeze/thaw cycle, may have eventually popped it loose.If the beam has proper bearing on the foundation, then this may need little more than to simply be patched properly.  

Using the numbers you provided, say there is a 5% vacancy rate in the neighborhood:3 properties producing $200/month each = $2,400/year eachWith 5% vacancy, the lost income from vacancy is = $120/year each or $360/year for all 3Now, 1 property producing $600/month = $7,200/yearWith the vacancy rate being the same, the lost income from vacancy = $360/yearHowever, similar to the vacancy concern is the concern of nonpayment/eviction, which DOES have some bearing on the multiple vs one property decision.  

These are prices an actual buyer will pay and if there is enough data you will see what the market will bear.