We're looking for a SFH or duplex that requires a medium amount of work (ex. new flooring, paint, updated kitchen) and already is in decent condition.

And yes, even the kitchen sink.

Asking 650k, needs upgrading - kitchen, flooring e.g..; renting at $4425; knowing what the market is at 30 year 5.6% for investment properties or even a 15/1 arm 5.5%; do the numbers work out?

They also are tough on approving rental spaces such as basements when those spaces have additional kitchens. 

My plan is to purchase the asset and implement a few value-add strategies, such as sub-metering water, new appliance packages in the kitchens, raising all rents to market value (of course), along with some other renovations. 

Skipping them is analogous to doing a home inspection and not having access to see the kitchen and a bedroom.

No bath/kitchen rip outs, which is std in stick built.Your problem in NH is availability of forclosed MHs at a good price.  

Depending on what we decide to do with the current floor plans - the kitchens are tiny (upstairs is 8x8) - we may take all external walls back to the studs and properly insulate and air-seal the envelope (likely with closed cell foam as I expect there to be limited wall cavity space).  

We would also have an in-house pharmacy and the property has a rehab center that would create additional income.Negotiating quick cash buy (15-35 days) for short term inspection period in order to create motivation to act now.It's appraised value is 2MM.Looking for short term equity partner/s where there would be an agreed buyout at the end of 16-24 months with no pre-payment penalties should we buy out sooner. 12 month deferred payment.The property would be for a Behavioral Wellness Center that would cater to our clients suffering from clinical depression and would be a short term (6-12months) to long term (18-24 months stay) recovery period.Clients would be required to be medically stable and able to perform their own activity of daily living (shower, groom and feed).Staffing would include RNs, LVNs, Support staff (Techs, kitchen staff, Nursing Assistants, HR, Education, Administration, Contract Counselors, Addiction Counselors, Technical support, Groundsmen,...)Would you be interested in this deal?

The cause is key, but I assume it was a kitchen fire the tenant started by mistake.