You hadn't disclosed your intent for the property, but for resale or rental, it would be good to just look at the quality of similar properties, then try to match or slightly go a step up, in order to increase your ROI.Once you've identified what it is you really value currently, it's best to get 3 estimates and see if you're getting the same values for each. 

This property caught my eye for several reasonsmostly because I drive by it frequentlyit offers a commercial space, apartments, and mobile home lotsit's close to my other investments and where I liveI feel like this is an area ready to grow (it's the non-interstate link from big town to small town)it's not so expensive I can't find a way to do the dealI've been investigating mobile home investing lately, and this is one way to learn thatI don't have a physical office space for my business, and this would lend credibility to my business (and allow me to have high-speed internet, which I can't get currently)I can use an apartment and rent my SFR for morethe mixed use feels like diversificationI wouldn't be surprised to see an investor try to buy this and several other spaces up for a large developmentI see potential in possibly converting the mobiles to tiny houses and increase rents accordinglyI'm not in love with the deal, but a couple of those reasons would sway me to consider a less-than-great deal, for non-financial reasons.The numbers really look not very good, and it looks like a bad deal as it sits, considering I'm adding 1000 in rent increase and no rehab in this scenario. 

I wouldn't require him to cut the lawn with this increase I think he would push back. 

For me, since I've already deployed the majority of my personal funds into assets, my motivation is having OPM on individual projects which allows me to leverage that capital to increase my income streams while providing my partner a profit and exposure to the process of acquiring and repositioning distressed debt.

I don't know your local laws, but here in NJ increasing units is very difficult legally.

You won't be subjected to capital gains taxes on the increase in value of your property.A little tax theory here to help understand: There are many different types of income, and many ways those types are taxed.

Here are the detailsOriginal Note:  $48,500, 8% interest, 30 years, secured by first lien on $70k property, typical note terms.Date: 12/9/2009Current Value:  $41,505Payments:  $505.88/month includes $120/month escrow for insurance and property taxes, No payment missed, 3 payments late but not by more than 30 days.Escrow:  -$800 now but payment will be increased for negative balance and increased taxes/insurance.My guess is its worth $55,340 valued at 6%

I would get your finances in order (pay off all debts) and increase your savings before doing this.

I have not tried to refi these, so I don't have any hard numbers on value, but the cheapest thing in ALL of Oakland is an undersized lot for $170k, so I am confident that these units are worth double what I paid.3) Fruitvale District of Oakland Ca - 6 plex.

Now if you find a builder willing to go partners and build at cost with you financing the deal this could be mutually beneficial and greatly increase your returns.