Also, 10 year old renovations will most likely not achieve market rents, which means that any buyer will need to invest in renovating the units) 3 of the units are in perfect condition and can achieve market rent without issue. 1 unit will need a reno to bring it up to modern standards.Is the basement unit a "legal" basement unit?

Dave Smith I’m nowhere near Kansas City, but I use American Modern for vacant/renos.

There will be no further bidding as it is now gone at asking price pending to the tenants.For those interested in this type of mid-century modern restoration, they rent and sell really well when done right.

We look at this metrics (among others) as fundamentals that very much so indicate a healthy market (healthy location) where not only there will be high demand for rental units but renters will actually be able to pay rent and even pay a premium for more modern (or renovated) units, giving us the opportunity to add value to our properties that way.I hope this helps.

If you have an old electrical panel for instance, it can be very costly to upgrade to a more modern service and panel. 

@Mike Dymski  having been and worked for the 80s versions of modern day syndicators and having had a front row seat to the melt downs.. your exactly right it starts off very innocently.usually because they have so many investor in so many deals they don't want the word to get out that they have a bummer.... so lets just borrow from the reserve account of  Del Boca Vista Number 1 it will be short term loan we have the right to do it.. :)  then it just starts to go down hill.also many times these high flyers are very late to change their lifestyles.. and that adds to the cash flow stress.I mean I was totally stressed in those days I got wrapped up in a Civil rico with one of them..

I think overall the kitchen is going to look very modern with the plans i have and attract great tenants.

One is owned by a housing society and they are currently building a large apartment style building.

Modern day HML's who work with real estate investors assess a property based on it's ARV, which allows borrowers to get capital for the entire project.For example, if someone is purchasing a property for $100K, renovating it for $50K and expected ARV (After Repair Value) is $200K, then a lender may approve a loan for $150K.

If they own 5 of 6 homes that are for rent in a neighborhood and renter Sally wants to rent there because of the schools, guess who they're going to have to rent from.These REITS are banking on a long-term paradigm shift from a society of home owners to one of renters, among other things