You also have overhead to contend with.

I contend that, in a market like mine, the rehabbers could take over and "own" the wholesaler's market if they wanted to.

The people from southern climates have a lot more mold to contend with, so mold remediation is a much bigger business than it is here.

If you can't question it, it's not science.Now even if you put all that aside, we still have the very obvious facts to contend with - rising costs, inflation, massive increasing total debt far outweighing our GDP... do I really need to go on?

Obviously you are grandfathered in but if you were to do full renovation you may have a few issues to contend with.I ran some preliminary numbers as well and see a healthy 8 cap but cash on cash return is horrible at 6% but like you said you have room to raise the rents.I think your gut maybe on to something telling you to rethink your numbers.

These listings may also be great contenders to rehab projects if the seller is concealing unsavory information. 

There are pros and cons to either.I know things are a little different up here, but when lenders (TD is one with whom we deal) tell us we are responsible for the appraisal fee, we respond with "No problem, but if we pay for it, we get a copy"  - our experience has been the lender with agrees, or decided to eat the cost of the appraisal themselves.In Canada, we only see "origination" or "diligence/administration" fees in commercial lending (on residential mortgages, it's all baked into the cost of doing business), however I would contend that the cost of an appraisal is part of the cost of processing the loan and should be covered from their 1% origination fee.

traffic in the unit,, 1 person verses multiple people equal more wear and tear and your building will show it.I'd go single person,, don't do rent in advance,, or let it spill over what your paid this year for next years rental income / taxes.. section 8 requires a inspection if your unit doesn't pass you'll be delayed in placing the other tenant and the paperwork required is alot to contend with. 

There are two main factors you have to contend with in real estate.  

My next HVAC issue will be a strong contender for doing one of these units.