I’d appreciate some advice on determining an amount for monthly rent when running the numbers on a deal.

At the moment there are no roads, electricity, or running water to the property.

I’m keeping an eye on things in Cleveland, and may have a few ideas to run by you in the future.

Run a couple scenarios, and if knocking down the house and rebuilding is the most profitable (with an acceptable level of risk), go for it.As for knocking it down yourself, if you have to ask, you probably shouldn't

I am a real estate agent in the area and would be happy to run comps and give you a second opinion of what the value of the condo is at right now.

I don't know of too many commercial lenders that will accept a 28% operating budget for all expenses, they will probably run their debt-coverage test at their pro forma operating expense numbers instead.

I have heard that in the long run there might be gentrification which helps increase the value of the home.

From there focus on what you do well and get paid for and funnel as much of those funds into income property run by someone else. :)Small mfam is TOUGH!

We decided to make a run and it was an extremely competitive process.

Before you continue down the modification path much further I'd get in touch with someone who specializes in garage conversions or ADUs and get an approximate price and timeline and run the numbers again, it seems like you may be underestimating the cost, time, and difficulty of a project like this.