Floors, cabinets, fixtures, sinks, toilets, tubs?

The reality is you won't live in it forever and your proforma is supposed to reflect the performance of the property across it's lifetime.

Nice job, Adam.I've put in five of those pedestal bathroom sinks and love 'em cause they're easy and look good.

In reality, however, stability often breeds contentment.

The kitchens (which are small) need cabinets, counter-tops, sinks, flooring etc...I figured 5k per apartment on low side, and 7-9k on high side if we run into plumbing issues or something unforseen.

you know that something is drastically wrong.Murphy's Law #5Proper disposal of bacon grease for a tenant is always down the kitchen sink.

All thats left that needs to be done is flooring, paint, appliances, furnace, some plumbing, sinks, etc.

In reality, that's how long it takes sometimes and you should plan for it so that you are not unprepared.

He had been renting it out but hasn't had a tenant in quite a while so he's sinking a lot money into the house right now just to keep it alive.

While creating a social rapport really shouldn't help in theory, in reality if the guy likes you, he'll do his best to help you out (in other words, make sure he knows what price you're shooting for).In fact, you should take the opportunity to pull comps that you help your case, and have those avaialble for him when comes to the property.