I found a property that is not a fixer up but condition is not great. e.g. range is missing, the wall is dirty and carpet is torn.

What we also see in Columbus are incredibly high rent rates.  3/2's can easily bring in $1200-$1400 in good condition and 2/1's can bring in $800-$1000. 

The property is a 5 unit building with the following information: Rental income is $4,000 per month or $48,000 per year totalTaxes are $375 per month or $4,500 per year (this is higher than current but factoring in that they will increase)Estimated insurance is $200 per month or $2,400 per yearExpenses: Vacancy 8%Management 10%Other expenses Landlord pays water at $400 per month or $4,800 per year Realize this could be a cost savings in the future, but want to analyze as isGeneral maintenance (including minor repairs on property) including grass and pest control estimate at $300 per month or $3,600 per yearCapital reserves for Cap ex (appliances, windows (52 windows on building), roof, siding, etc. which I based on building a capitalization table based on useful life of items and number of units) at $460 per month or $5,520 per yearLoan: All in after down payment the loan would be for $300,000Assuming 7% interest rateAmortized over 20 yearsThus comes out to $2,325 per month or $27,900 per yearSummary Income Per Year:$48,000Property Exp.

He says no one knows of his second life of real estate.

Real Estate can't consume my life (yet).

Its not a black and white statement , ( is anything black and white in real estate or in life :-)) .One agent I spoke with , explained her experience working with previous clients and how they approached this question , their thought process and added some information that she had .

Do not rely on automated valuations for quite a number of reasons, not the least of which that the valuation algorithms can't "see" inside pictures for the condition of the house. 

(**This is extremely important on rehab projects or flip homes)Risk Management Concerns: Additional Insured designations, Hold Harmless agreements, Waivers of Subrogation, and other specific policy conditions and limitations. 

MAYBE $2000 if I put some $$ into the place (it's in decent condition, but could use bath/kitchen updates).

Knowing the condition of the homes and estimated cost to make ithem marketable will be key to your capital planning.