Thats 3 great $5,000 rental units.  

When I see places like that I get tempted to throw up a door to divide the living spaces and make a couple of units out of the one.

Here are some that I'm aware of:- Galvanized pipes - typically 40-50 useful life, could rust from the inside out, could get eventual pipe failure- Zinsco or Fed Pacific electric panels w/ aluminum wiring that could be a major fire hazard- Wiring in general (e.g. knob and tube)- Asbestos in the walls- Lead paint- Heating system - boiler?

I am seconding what was mentioned above about the efficiency of the unit (the one we manage in Ventnor is a 4/4 new build) and whether you have gas or not. 

Most of our travel nurses in our smaller units come from FF.

If a ninja believes they can renovate 100 units in a year and they only do 25, the spreadsheet falls apart.

I feel what you want to do and have done the same (operated units at a 'non profit' rate), but none of my single parent tenants were in a position to or even had the desire to own. 

I checked the lease and there is no stipulation saying that gas must be maintained in the unit and fortunately the tenant alerted me when water started to leak.

I was living in one of the units during this time and plan to move out and rent the units.

Complete renovations to have two units.