I would say it sounds like you have a good opportunity if you structure things correctly to replace the income.

Hi, I would like to hear from other experienced landlords how long it takes for you to get an apartment in rentable shape, I'm talking in a situation where  it's not in terrible shape, kitchen bathroom are ok, walls aren't Coming apart .

We moved into the upstairs 1 bedroom apartment (after the bathroom was completely renovated) and then completed the renovations over the next year.

I'm leaning toward demolition with intent to replace it with a structure about half that size but don't want to waste materials. 

An overlay of shingles on the roof that I believe to be 10 years old (property was sold 2x in 2009 $53K then $110K) I am assuming all renovations happened then.There were other things that seem minor but these "structural issues" concerned the inspector. 

Complete dress up of the exterior; Enlarged the upstairs deck with the monster views.Added a 'Margarita Bar' off the kitchen/family to take in the nightly sunsets.Remodeled two bathrooms, some new wood flooring, new paint throughout.What was the outcome?

Investment Info:Small multi-family (2-4 units) buy & hold investment in Louisville. 3 bedroom/2 bathroom duplex near a college campus.

I'm having trouble calculating ARV because this is NJ and it's not a model development, meaning this home's structure is different than most in the neighborhood. 

I found out the caterer would leave if I had to do that, they would be without a bathroom and lose a lot of space (they used as an "office").

Both properties are run-down and have long-term tenants who do whatever they want (unauthorized pets, subletting, building unauthorized structure, smoking, etc).