If I had to guess though I'd say about $100 a square foot maybe a bit more, not including land

If you then receive a 1099-G, you will be including income that was not deducted the previous year.

I think it is still a good deal and will positive cashflow to about 500 net after all expenses including PI payment. 

Your accountant should allocate all your general business expenses, including the book, between all your properties and not attach it to just one.

But have you included the cost of actually remedying the issues?

However, even if this multifamily exemption applies to you, your rental advertising must still comply with the Act.Other exemptions include the rental of a single room in a home, qualified senior housing, and housing operated by religious or private organizations, if certain requirements are met. 

I'm a bit skeptical since it doesn't include liability coverage! 

I've done a SFR and looking for more to include small multi but a little harder to come by. 

You can work your option in a number of ways, including that if property is purchased for $x by x-date, that $x of the option will be applied towards purchase price. 

As to the Carter Ave property,I am uploading a map of the immediate area including comps and how I rated it.