You are elephant hunting with a BB gun, you need to get out of the jungle and learn real estate.Your questions are so vague they can't be answered without writing several books.Land is always valued with the market approach unless it yields income without improvements, then the income approach may also be considered. :)

I am really hoping they either pay the rent or move, but I am not confident that will happen.

Do we make any improvements/repairs or don't bother since they're in the house and happy? 

I understand if things unforseen come about, but he had his own guys check the plumbing and electricity and said his number was on the high side to be safe, and he was confident he could come in less.To be fair, his craftmanship was excellent and the finished product has been pleasing.

hello everyone my name is winston I'm interested in a buy and hold investment I live in new York but is granted to Bridgeport ct my credit is fair but growing...what the bets way to start and dose anyone now about ct I had a property in new York year ago but failed looking to regain my confidence and get it right from this point on any su

You've already got good advice here @John K. only thing I want to add is just another vote of confidence in what's already been stated.

I could make improvements over time, and maybe some day when I either have more $$ or that golden unicorn buyer comes along, I could even turn it back to single family (though I honestly could never see myself needing more than 3000 ft2).

Think of this as a learning lesson and an opportunity to improve on a process with the pm.

I worked 10 years for the consulting arm of a big 4 accounting firm, helping Global Investment Banks, Insurance Firms, Multinational Asset Managers, and Hedge Funds improve their back office operations, specializing in implementing investment performance measurement systems.

As long as the numbers work, you are confident in your design aesthetic and give the people quality work and what they want, I would say, go for it!!!