Thus, $1,000 per month per unit which seems light for the area so conservative.I don't have time for rehab factored into my calculations right now but I can afford to pay for the whole mortgage while I get it up to speed then hopefully repeat the whole process again in another year.Thanks for all your input! 

Stick with the 20% rule for a buy and hold or settle for less in light of the margin opportunity for a 4 unit property?

I'm not trying to make light of your question, but it's a BIG question. 

*We used traditional mortgages (twice in England) and moved into fixers while we added value, and then moved into the next light fixer and added value. 

Never heard of it in 5 years, but definitely possible, especially if you have a light record2.

Because of what we know the property appraised for in 2004 we assume the property would be in the $400k range just because of appreciation.I have been in communication with two banks regarding financing and they only want to lend based on the cash flow of the building, and based on the 400k expected value the 20k NOI is very light to support that.This brings me to my question, how should we value this property?

All the lighting fixtures were either thoroughly cleaned or replaced.All cabinets were washed inside and out with TSP and the exteriors painted.Shelving was removed, cleaned, painted and reinstalled.The HVAC system was replaced (because it didn't work), we did not replace the ducting and it seemed ok.Overall, it came out well and the smoke smell went away.This house took a lot of elbow grease but it cash flows well.

I would try and pull an outlet or a light swithc off and see what the paneling is attacehd to. 

But recessed lighting, switching outlets out, drywall repair, etc is a fairly inexpensive way to start getting some hands on experience.

@Spencer Hoogveld you are really light on expenses as is indicated by the second page-50% rule.