I tend to agree with where it's going and the hard part is figuring out how long it will actually take to see the changes and therefore the appreciation.

Paul, I'd advise looking for a realtor who owns properties already and understands the dynamics of the actual formulas on costs/expenses as you will need guidance on a lot of details. 

This is committing financially and emotionally to an actual real life decision.

The other party has 30 days to provide evidence that those things actually happened.

I spent a year in Boston, Somerville actually, within a block of the red line.

If we were to actually gut and remodel, we'd probably end up breaking even.I think this would work well in a higher end complex (walk to lifts, nicer amenities, etc.), where it is naturally attracting a crowd looking for luxury.

If allowed by your lender (if one is involved), figure out the estimate of damages and have the title company place it in an escrow account pending the damage to be fully repaired (would suggest holding a bit more than the actual estimate to cover the unforseen).  

I'd suggest getting as much financial details from the owner and actually researching to ensure that what you are being provided by the seller makes sense.  

In CA, you're required to send the tenant the actual receipts justifying the expenses, not just estimates.

Wanted to survey all the multifamily managers out there and ask them how much of the actual unit turnover costs do you deduct from the tenant security deposit?