In general, the larger the project, the more you'll realize the benefits of modular, especially with custom.

I am assuming they paid what was due but I understand loan mods don’t have to be recorded so there is a chance they worked something out with the bank and they may have a larger loan amount than implied in original deed of trust.  

I have spoken with a few lenders and they have all told me it will be very hard to get a mortgage for more than the purchase price to allow for renovations, even though it's way under appraisal value.

2 new bathroomsflooring throughoutpainting throughoutNew plumbing, likelylight fixtureswindowslandscapinggarage doorsinterior doors/trimExterior paintingGarage shingles (barely any pitch but still has shingles)Garage slab 1" crash down the middle.Misc framing, drywall repairs, backspalsh, etc.I will update the list as I am sure I am missing a few items and provide more pictures after the renovations are completed.My initial estimate was about 70k in repairs. 

.- Duplex. 3bd + 1ba, 1bd + 1ba- Somewhat dated, could use cosmetic updates but otherwise appears to be in good condition- $129,000I've spent some time looking at rental listings in the immediate area and my rough estimates are that you could get at least $500/mo for the 1bd and $1000/mo for the 3bd for a total of $1500/mo before any updates or renovations.

Now the other lamdlord may get your tenant in one of thier units as a result but if it is truely the market you will be able to get someone at that price or you can renovate and command the higher rent but i imagine that is a costly renovation.

The handyman did a full renovation on a unit for me. 

Buy properties in good neighborhoods that only need light renovation to increase rent.

We started a home renovation company and have had a lot of success over the past 2 years, but we have always had the goal of investing in real estate and recently decided to go for it.

Actual trailing 12 PL's that I have seen are not  smooth and on a big turnaround project I am sure the first year will be very up and down from month to month depending on lease expiration and the renovation schedule.