If so, the value of the land could be considered regardless of the condition of the home. 

(I'm copying this over from the buying/selling forum)I've lived in a home for 20 years (it's a 50 year old, 1200 sq ft manufactured home, basically a double-wide trailer, that has very dated decor, drop ceiling, and in fair condition) and it's currently listed for sale.

I have a realtor friend who told me it's not good to live with your tenants but I really want to move out of my dad's house (he is a hoarder and the living conditions are stressing me out greatly). 

Make sure to document pictures of move out and then again with move in condition.

What kind of condition is the unit in? 

As far as a walk through, tell her to go and walkthrough and take any photos she sees of damage or conditions that should be noted.

In today's market conditions, it is not uncommon that you are purchasing based on upside vs actuals, so please be aware of that and ask yourself if your investing thesis aligns with this.

Before you go raising rents do an honest assessment of the condition of each unit. 

I don't know condition of property, but a turn over will likely cost $1500 for wear and tear items.  

My thinking: If I can build 3 more units, get the rent that I expect i will and develop based on the budget ive researched- selling this property in a few years as a commercial property based on a 6% cap rate (which seems to be the standard for this condition and location from what I can tell) will be the most profitable way to capitalize on the house.