I don't know condition of property, but a turn over will likely cost $1500 for wear and tear items.  

My thinking: If I can build 3 more units, get the rent that I expect i will and develop based on the budget ive researched- selling this property in a few years as a commercial property based on a 6% cap rate (which seems to be the standard for this condition and location from what I can tell) will be the most profitable way to capitalize on the house.

All the Las Vegas multi-family properties that I am aware of are in poor condition.

The number one factor of what you buy is how much capital you have access to...that means its a combination of purchase price, location, condition, and availability of inventory...I would add these as metrics alongside the cash flow.

They're on month-to-month with long-term tenants who haven't seen a rent increase in years.Have a nine (remaining) day period to gain access (due to tenants), assess conditions, and either continue or pull out of the deal before earnest money is due.The problem we're experiencing is that buying as a package strains our liquid reserves to an uncomfortably tight level.

It’s in pretty decent condition no work needed. 

Granted this isn't an annual occurrence, but depending on the condition of the property, I would say you are light on Capex.  

Therefore water/energy efficiency is of the tenant's concern and not mine, in addition to the condition of fixtures within the suite. 

Aug 17 posted 30 day notice to quit, squatter says he's actively looking for new placeAug 23, 2021 local power company posted 3 day notice to pull meter (or bring in contract, which squatter does not have)Aug 23 was last day we saw squatter living at cabin (we can see from our living room windows)Aug 26 power company pulled meterAug 27 CPS agent comes and documents living conditions Aug 27 posted a 7 day notice to evict due to hazard/danger/health conditionsAug 30 squatter and former tenant (she was in jail since Nov 2020 and this was her first time back on the property) stop by for 10 min, leave with an armful of paperwork, leave behind 4 flea bombs (the house is FULL of food waste and dirty clothes).

I knew his number was off since sub 1k for a 2bed is really low for Minneapolis but still seeing that and the condition it was on final walkthrough started to plant some doubts.